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.
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.
Visa, Mastercard, Paypal … Les paiements en crypto-actifs se généralisent progressivement.— Pierre PERSON (@Pierr_Person) September 30, 2021
Je souhaite que dorénavant, en deça de 3000€, les contribuables n’aient plus à se soucier de la problématique fiscale. pic.twitter.com/BlvNxbjK3T
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.