Tax on cryptocurrency sales lowered in France
In France, the Crypto is now being considered ‘moveable property’ and tax rate on cryptocurrency sales has been brought down to a flat rate of 19 percent from previous 45 percent.
Local news outlet, Le Monde, reported that France’s Council of State announced that the tax change comes from a new classification of Bitcoin (BTC) separate from commercial or non-commercial activity.
“The sale of ‘bitcoins’ [fell under] the principle from the category of capital gains of movable property.”
France has started work on cryptocurrency regulations this year. A crypto task force has been created to examine various aspects of regulations.
In March, the government proposed a ban on cryptocurrency trading until regulations have been implemented.