French Finance Commission Plans to Lower Bitcoin Capital Gains Tax
The unusually high bitcoin gains tax has been an issue for French crypto users for a while now. But the good news from Reuters is that the French Finance Commission is backing a plan to bring the prices back in-line.
Current capital gains tax on items such as real estate in France are 30%, which when compared to the gains tax of 36% on bitcoin, is quite a difference.
French Lawmakers Offering Bitcoin Tax Relief
The French Finance Commission in the lower house of parliament announced on Wednesday that they would be backing the plans to bring the bitcoin capital gains tax back down to 30% in line with other capital gain taxes.
In a move that is very positive for French crypto users, the finance commission is planning to amend the capital gains tax bill in the 2019 budget plan. This would affect those buying or selling crypto-assets who will then only be subject to 30% capital gains tax.
Although the plans are just proposals at this time, the bill must be passed by the broader French parliament so it can become a law.
New FATF Regulatory Measures by June 2019
French lawmaking bodies have been making the crypto news on a regular basis in recent months. In October, CryptoGlobe reported that French financial watchdog, the Financial Action Task Force (FATF) is looking to implement new regulatory measures to crypto exchanges in a bid to crack down on money laundering.
The task force is looking to impose regulations in line with the current AML/CFT standards to stamp out the funding of terrorism. The new regulations are expected to be implemented by the summer of 2019.
The new rules will be applied to ICO operators, crypto-asset exchanges, and crypto-related companies that offer encrypted wallets. The FATF was created to be a buffer between crypto companies in France and users and the government and regulatory bodies.