Home
News
- France is exploring the traditional financial standards for its Crypto Tax rules next year.
- France is working on the strategy to become the World’s Leading Blockchain Hub, as Bruno Le Maire said.
Bruno Le Maire, Minister for the Economy, Finance and Industrial and Digital Sovereignty of France, wants to develop France as “The base-camp in Europe” for cryptocurrencies and DeFi.
Bruno Le Maire’s Crypto Vision in France
In a recent interview on BFM Crypto on October 17, 2022, Bruno Le Maire shared his thoughts about cryptocurrencies. He kept his point of view in detail over his vision of the crypto industry and said that he wants to make France “the European hub of the crypto-asset ecosystem.”
The France Minister of the Economy further brings back to the negotiations about the European MiCa regulation as the crypto giants like Binance and Crypto.com enter in France or even on Decentralized Finance (DeFi).
Moreover, Bruno Le Maire gave the information that they are working on a report which includes the environmental impact of crypto-assets. And wants to use the year 2023 to deepen the reflection with the entire sector in order to define whether new adaptations to tax legislation are necessary.
The Interview Highlights
Bercy’s Roadmap
During the interview, when a question was asked about Bercy’s roadmap in the field of cryptocurrencies, Bruno Le Maire answered that “Our roadmap, with Jean-Noël Barrot (Delegate Minister in charge of the Digital Transition, editor’s note), is simple. We want to make the European Union the world’s leading economic area in terms of structuring and organizing the crypto-asset market. And we want France to be the European hub of the crypto-asset ecosystem within it.”
The ‘Planning’
About the planning, the Minister of Economy mentioned two pitfalls as he said “We must first avoid two temptations which would be fatal to us. The first is Fear: fear of innovation, fear of competition, fear of decentralization. This fear would lead to suffocating the crypto ecosystem and its potentialities at the service of all. The second is Idolatry: the idolatry of a world without a state, without a central bank, without borders and ultimately without money. This idolatry would endanger our sovereignty, but also and above all, the most fragile among us.”
The Taxation of Crypto
Over the crypto taxation he further added “Cryptocurrencies are not of the same nature as stocks: they are not titles of ownership of companies. In this, a pure and simple alignment of taxation with actions is not necessarily a desirable objective. We wish to use the year 2023 to deepen our reflections with all the players concerned, in order to define whether new adaptations to tax legislation are necessary.”
Over the same, Bruno Le Maire mentioned that the Euro is the only one currency to pay taxes as a condition of their unity. And he doesn’t see how the country could ensure equality before taxes if everyone chose their currency to pay their taxes.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
