France will not tax crypto-to-crypto trades; will tax gains converted into 'traditional' currency
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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.
AUTHOR
Steven Zheng is a researcher for The Block. He joined The Block in August 2018. Steven graduated from St. John’s University with a degree in economics. Previously, he covered blockchain and crypto at Radicle, a startup analytics firm. He also had brief stints at Cheddar, a media startup, and Bowery Capital, a venture capital firm. He owns bitcoin. Follow Steven on Twitter at: @Dogetoshi
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