France will not tax crypto-to-crypto trades; will tax gains converted into 'traditional' currency
September 12, 2019, 9:18AM EDT
1 min read
French economy minister Bruno Le Maire has stated that crypto-to-crypto trades will be tax-exempt, according to a report by Bloomberg. Instead, France will only tax cryptocurrency gains when they are converted into "traditional" currencies.
“We believe that the moment the gains are converted into traditional money is the right time to assess tax,” Le Maire said. Le Maire also added that the country's value-added tax (VAT) will only be assessed when a cryptocurrency is to purchase a good or service.
France's decision comes after reports that Portugal's tax authority determined cryptocurrency trading and payments in the nation are tax-free.
Today the always-on demands of online markets have to be matched with the ability to access opportunities instantly and with no limits. Historically correspondent banks would move large sums of money for those needing to transfer funds while creating bottlenecks of unnecessary friction.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.