FRANCE WILL NOT INTRODUCE BENEFITS FOR THE CRYPTO INDUSTRY, BUT WILL REDUCE THE TAX ON CRYPTO-PROFITS

The French Parliament rejected almost all proposals to introduce more favorable legislation to the blockchain industry. But one amendment was still adopted – to reduce the tax on profits from investments in cryptocurrencies.

The French national Assembly, the lower house of the national Parliament, has rejected a bill to introduce a “friendly” law against the crypto industry.

In addition, it rejected a proposal for the introduction of the classification of the business associated with operations with cryptocurrencies. Different rules would apply to different types of enterprises.

Also, the deputies did not pass a bill on benefits for companies that have suffered capital losses from their investment portfolio of digital assets.

Nevertheless, one amendment passed consideration of the lower house of Parliament. The approved decision concerned the adoption of a flat scale of taxation in the amount of 30% on profits from investments in cryptocurrencies, while now this value is 36%. The idea of introducing a flat scale previously expressed French Finance Minister Bruno Le Mayor.

Recall, in November, the Association of tobacco products’ sellers of France reported that from 1 January 2019 bitcoins can be traded in tobacco store, although the national regulator has criticized these plans.