France reduces tax on transactions with cryptocurrency from 45 to 19 percent

In January the governments of France and Germany announced plans to prepare a joint analysis of the cryptocurrency markets and to make proposals for their regulation at the G20 summit. As a result, the country came to the conclusion that handling coins is necessary, but only at the local level. Now France has taken the first step to this — the Council of State of the country classify the coins as capital inflows from movable property. As a result, the amount of taxes for the cryptocurrency traders decreased from 45 to 19 percent, says CCN.

Tax for cash in France will decline by almost 3 times

Until the decision of the highest court in the country profit from trading coins was regarded as income from industrial or commercial activities. Now cryptocurrencies are classified as property that can be transported. This category includes airplanes, cars and precious metals.

However, there are exceptions, the tax rate will be reduced only to transactions of sale and purchase of coins. In the case of mining, it will remain at the same level.

The reason the tax cut became a collective appeal to investors in the state Council, which complained of too tight fiscal policy.

Hopefully in the future the government will exempt from tax and the mining of cryptocurrencies. Yet to pack their bags early.

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