French parliament intends to reduce tax on crypto trading

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French parliament intends to reduce tax on crypto trading
French parliament intends to reduce tax on crypto trading

On November 7, the financial commission of the house of commons of the French parliament (the National Assembly) approved plans to reduce the tax on cryptocurrency trading. Lawmakers intend to bring the tax rate in line with other capital gains taxes. The news was reported by Reuters.

Now in France, the tax rate on profits from trading in bitcoin and other cryptocurrencies is 36.2%, while the same tax rate on profits from trading in non-real estate assets is 30%.

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The Financial Commission adopted an amendment to the budget law 2019, according to which the rate of taxes on profits from cryptocurrency trading will also be equal to 30%.

To become a law, an amendment must be approved as part of the final version of the draft budget law.