According to a recent report by Bloomberg Tax and as reported on Thetokenist, France has announced that it will not tax crypto-to-crypto trades. Instead, tax will only be applied when an investor ‘cashes out’ by exchanging their cryptocurrency for cash.
France’s Stance on Cryptocurrency Tax Explained
According to a recent report, French economy minister Bruno Le Maire has announced that crypto-to-crypto transactions will be exempt from tax.
Instead, taxes will only be applied when cryptocurrencies are exchanged for ‘traditional’ currencies.
Le Maire said,
“We believe that the moment the gains are converted into traditional money is the right time to assess tax.”
In addition, Value-Added Tax (VAT) will only be assessed when a cryptocurrency is used to acquire a good or service.