Cryoptocurrency is now movable property in France.

Beehives

jr. member

Activity: 175

Merit: 2

Quote from: vova.andreyan.94 on June 04, 2018, 05:12:28 AM

And besides the fact that the French classified the crypto-currencies as movable property, did they somehow legitimize the crypt?

Seems they are. They already put a tax on it so it is legit. The government cannot impose a tax on illegal things.
France recognition on crypto is already a huge leap for a cryptocurrency world.

vova.andreyan.94

jr. member

Activity: 336

Merit: 1

And besides the fact that the French classified the crypto-currencies as movable property, did they somehow legitimize the crypt?

zcooipo

newbie

Activity: 133

Merit: 0

Yes, I think these European countries generally need cryptocurrencies. Their country is too small. The euro zone economy is now facing a test. So choosing a cryptocurrency is normal.

Beehives

jr. member

Activity: 175

Merit: 2

Quote from: ROMANALADIN on May 16, 2018, 12:19:42 PM

However, changes are applied only for funds received from investment activities. The profit tax from mining, as before, can reach 45%.

The same thing. In order for you to get a profit from mining, you have to trade it. Then tax will take place. There no exception on that.
What is good in here, France reduced the tax to 19% and recognizing the cryopto.

ROMANALADIN

member

Activity: 308

Merit: 15

However, changes are applied only for funds received from investment activities. The profit tax from mining, as before, can reach 45%.

Beehives

jr. member

Activity: 175

Merit: 2

Quote from: biletskiy on May 15, 2018, 11:40:50 AM

France authorities decision means that they doesn’t know what crypto really is. Furthermore if crypto will be approved as a currency it would become a great competitor of traditional currencies.

For now, it would be the best. At least they recognize it as a properly which can hold a better and bigger value. Unlike the currency, it will stagnate the value to almost a flat graph.

Ann Impas

full member

Activity: 420

Merit: 101

Indeed that France is in the forefront on diving into massive adoption of cryptocurrency. For sure once France able to pull and have success on this in a long run, others countries will definitely learn from this. Good luck France.

crenfrosck

member

Activity: 470

Merit: 12

Huh, this is a major twist in a perception of crypto by France. As I remember, they wanted to "destroy" cryptocurrencies a few months ago. On the other hand, considering it as a movable property... well, do our French friends need to care as their taxes will be dramatically lower? Grin

At least they did something with 45%, that was a crazy number. In my opinion, most of the investors will find a way how they will not pay anything, so good luck France, you will need it. xD (just kidding, I am not supporting France in a taxation)

Getcoinsite

sr. member

Activity: 714

Merit: 260

Quote from: Beehives on April 29, 2018, 01:47:01 AM

This something to ponder.
France consider a cryptocurrency is a movable property.
It is consider as a property instead of currency.
https://cointelegraph.com/news/france-crypto-is-now-moveable-property-tax-down-from-45-to-19-percent

Though I respect the france government about this consideration but yet im not agreed on this,cryptocurrency is a virtual money and same as technology this is not a property that can be transferred as if nothing important.

I wish sooner france will reconsider this and place respect to our crypto community and to our currency here

biletskiy

full member

Activity: 434

Merit: 100

Quote from: Beehives on April 29, 2018, 01:47:01 AM

This something to ponder.
France consider a cryptocurrency is a movable property.
It is consider as a property instead of currency.
https://cointelegraph.com/news/france-crypto-is-now-moveable-property-tax-down-from-45-to-19-percent

France authorities decision means that they doesn’t know what crypto really is. Furthermore if crypto will be approved as a currency it would become a great competitor of traditional currencies.

Beehives

jr. member

Activity: 175

Merit: 2

Seems there is a domino effect. After Japan accept BTC as payment for Cars then USA and France make a move to credit the BTC or Crypto as a whole.

Beehives

jr. member

Activity: 175

Merit: 2

Quote from: TastyChillySauce00 on May 10, 2018, 01:53:27 AM

The thing is that, so many people out there still consider bitcoin and other cryptocurrencies as a commodities instead of real currency, they think that it's like you are owning gold, and it's worth as expensive as gold.
You can see that the adoption is still relatively low because small amount of cryptocurrencies users using it for paying daily expenses, instead, they using it for investment.

We cannot blame those uses Crypto as a daily expenses. It could be that's the only source of income they have. All of us here adopt this thing because of money. Whatever purpose they use it that their rights.

TastyChillySauce00

legendary

Activity: 3010

Merit: 1028

Leading Crypto Sports Betting & Casino Platform

Quote from: KryptoKai on May 06, 2018, 05:11:47 AM

This could be good for tax purposes as capital gains tax is better than income tax, but to not be recognised as a currency could be a problem for mass adoption. It needs to be used to purchase items so without the right framework it will be difficult to implement crypto in the economy

The thing is that, so many people out there still consider bitcoin and other cryptocurrencies as a commodities instead of real currency, they think that it's like you are owning gold, and it's worth as expensive as gold.
You can see that the adoption is still relatively low because small amount of cryptocurrencies users using it for paying daily expenses, instead, they using it for investment.

Haunebu

hero member

Activity: 3178

Merit: 977

www.Crypto.Games: Multiple coins, multiple games

Quote from: kryptqnick on April 29, 2018, 05:05:38 AM

Quote from: BitcoinHodler on April 29, 2018, 03:35:26 AM

this is somewhat a sad thing though. but it is expected since the altcoins are not really currencies despite what their name suggests. so it is only logical to consider them as property, commodity, security,... instead of considering them as a currency.
bitcoin is a whole different story though. even in Japan they only accepted bitcoin as a currency not the altcoins.

Sad but true, as most of people treat alts more like stocks, something they trade, not use and earn. It seems a bit weird that cryptos are considered to be property, though, since it means people will not be able to pay with them or declare the salary received in coins.
While reducing the taxes from 45% from 19% sounds good, I think 19% is still unjustifiably high. People should feel encouraged to do business with cryptocurrencies legally. As they are used to paying no taxes, it would be best to set low tax fees (no more than 10%) at least for the time being. This would still be beneficial both for the government and for the crypto community. I don't understand why the taxes should be so high.

I agree with you here. 19% tax rate still seems crazy high and 45% seems insane. I never knew that they charged such high tax rates on cryptocurrencies before. I am one of those people who doesn't shy away when it comes to paying taxes on a regular basis, but these rates are absolutely insane and something that would make me ponder whether I should pay taxes or not. Cryptocurrencies and FIAT are completely different in this aspect and I can completely why some people would not wish to pay their taxes thanks to the anonymity aspect of crypto. 6% seems way better in this aspect.

kololo

sr. member

Activity: 560

Merit: 250

Glad to hear the news from France. Wish to see more and more counties recognize crypto is a propety. And with that happen, I think will let more people to join the market.

Siren

sr. member

Activity: 826

Merit: 265

Quote from: Beehives on April 29, 2018, 01:47:01 AM

This something to ponder.
France consider a cryptocurrency is a movable property.
It is consider as a property instead of currency.
https://cointelegraph.com/news/france-crypto-is-now-moveable-property-tax-down-from-45-to-19-percent

Don't bother guys,this only france and not the whole world,france only represents small margin of investos so theres nothing to be alarmed..and besides if they consider bitcoin is a property,this only mean one thing the chance of bitcoin in france has a big future to have a huge value,since properties increases value as time passed by and with bitcoin as property then this can be true

Tylev

full member

Activity: 854

Merit: 104

Quote from: bitcoinjasensatom on April 29, 2018, 02:12:08 AM

Quote from: Beehives on April 29, 2018, 01:47:01 AM

This something to ponder.
France consider a cryptocurrency is a movable property.
It is consider as a property instead of currency.
https://cointelegraph.com/news/france-crypto-is-now-moveable-property-tax-down-from-45-to-19-percent

France is now ruled that cryptocurrency sales are in principle of the category of capital gains of movable property with some exemption. Movable property refers to tangible and intangible assets. France is generally supportive of cryptocurrencies and the country will take a lead in regulation.

While the definition of the crypto currency in France as movable property is also not bad. The main thing is that crypto-alyuta is recognized as a participant in the trade turnover. In the future, the status of the crypto currency can be changed and refined. Moreover, in future, the issues of circulation of money in the countries of the European Union should have a unified approach, and in Germany, for example, crypto currency is recognized as a legal tender.

sehoon

full member

Activity: 840

Merit: 101

Quote from: Beehives on April 29, 2018, 01:47:01 AM

This something to ponder.
France consider a cryptocurrency is a movable property.
It is consider as a property instead of currency.
https://cointelegraph.com/news/france-crypto-is-now-moveable-property-tax-down-from-45-to-19-percent

Well, I hope that they do the same thing in other countries as well. This will become a good news for people who do cryptocurrency related stuff in France. But even though this is possible in France, this thing will be hard in countries like Russia and China. As long as the government wants to regulate bitcoin, this can still become a hard thing to do.

styca

sr. member

Activity: 1078

Merit: 354

Quote from: Beehives on April 29, 2018, 01:47:01 AM

This something to ponder.
France consider a cryptocurrency is a movable property.
It is consider as a property instead of currency.
https://cointelegraph.com/news/france-crypto-is-now-moveable-property-tax-down-from-45-to-19-percent

I wonder if this decision to lower the tax rate has been made to encourage more people to declare their crypto gains. Probably a lot of people didn't bother to declare when they would have to pay 45%, but are now more likely to if they are only going to pay 19%. Or perhaps I'm just being cynical.

Nimbusrf

newbie

Activity: 210

Merit: 0

I am glad that France supports cryptocurrency and tries to legalize it.

Topic: Cryoptocurrency is now movable property in France. (Read 429 times)