On 26th April Le Monde reported that France’s Camseil d’état (Council of State) has recast new tax rate on crypto currency from 45% to 19% like before.
The new tax change will come from a classification of Bitcoin (BTC) will depurate from non-commercial or commercial activities said The Council of State.
He says that “The sale of ‘bitcoin’ [fell under] the principle from the category of capital gains of movable property”.
The earnings from crypto mining will flat rate on taxed on non-commercial profits and income on professional activity which will be taxed on industrial and commercial profits.
Since July 2014 the people want changes in the regulations for crypto transactions but again the citizens addressed to France’s highest regulatory body for the crypto decision to change the crypto tax.
This year the France has been working on crypto currency regulations and the Minister of Economy has created a crypto task force in the beginning of this year to examine these regulations and the government of France has considered the ban on investment companies to stop trading with crypto until unless the regulations come in existence.
For the development of Initial Coin Offerings (ICO), in March the France’s financial market started looking into the legislation which will encourage investors to invest in it.