France Changes Crypto Tax Rate From 45% to 19%

France-Changes-Crypto-Tax-Rate-From-45-to-19-percent

France’s Council of State has recently changed its tax rate on cryptocurrency sales stating that the category of capital gains falls under “movable property”. This has dropped the tax rate from 45% to 19% according to local news outlet Le Monde reported Thursday, April 26.

Other exceptions to the tax rate are a flat rate on earnings from crypto mining. This will be taxed as a “noncommercial profit”. Any professional activity or service will be taxed as an “industrial and commercial profit”.

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The decision to change the cryptocurrency tax rate came as citizens appealed to France’s regulatory body earlier this year in order to change cryptocurrency transaction regulations that had been in place since July 2014.

The Minister of Economy created a crypto task force at the beginning of the year to take a closer look at regulation. A proposed ban on investment company trading in cryptocurrency was enacted by government until regulations are further implemented.

The financial market regulator of France was also reported to look into legislation that will encourage the development of ICO’s back in March.

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