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French Politician Proposes Simplified Taxation Regime for Cryptocurrencies

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Thu, 09/30/2021 - 16:15
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Alex Dovbnya
A French politician wants to make the current taxation around cryptocurrencies much simpler
French Politician Proposes Simplified Taxation Regime for Cryptocurrencies
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French politician Pierre Person has laid out his plan for simplifying cryptocurrency taxes in France.

Paying for goods or services with crypto usually constitutes a tax obligation since digital assets have to be converted into fiat currencies. Person, however, wants to put an end to tax compliance headaches.

Given that companies like PayPal and Visa are actively becoming part of the crypto economy, the MP has proposed not taxing crypto payments if their sum does not exceed 3,000 euros. This means that people will be able to spend digital assets with the help of popular crypto cards or other services without creating a taxable event.

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The politician also wants to allow for the carrying forward of net capital losses over a period of up to 10 years to preserve the attractiveness of France for the cryptocurrency industry.

On top of that, he is willing to exempt crypto companies from paying taxes after conducting crypto transactions and create a specific tax regime for non-fungible tokens (NFTs), which are currently in a gray area.

Person, who is considered one of the closest allies of President Emmanuel Macron, was one of the most influential people within La République en Marche party before he resigned as the president's deputy secretary-general earlier this month.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.