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France to amend law lowering cryptocurrency taxes while Taiwan cracksdown on exchanges

France has of recent been trying to position its self as a tech hub in Europe and beyond. The country has done this either by passing laws favoring tech projects or cultivating an environment that favor such projects. The country is planning on lowering cryptocurrency taxes.

If this new law is put in place, the country will slash cryptocurrency taxes by 6%. According to a report put out by Reuters, the French lower house of parliament has backed a plan to ease taxes on the sale of Bitcoin and other cryptocurrencies in the country. This law is aimed at making Bitcoin taxes similar to those of other capital gains.

These changes will be taking place from 2019 after an amendment of the budget bill which will see cryptocurrencies taxes at 30% just like other similar commodities from its current rate of 36.2%. However, this is not law yet as the amendment must be approved in the final version of the budget before which it will become law.

Nevertheless, such moves are very much needed in the industry. With governments recognizing cryptocurrencies as assets that can be taxable, this will eventually bring in institutional investors and normal investors who might be willing to invest or trade cryptocurrencies but fear sanctions they can get from their governments.

On the other hand, Taiwan has also carried out an amendment of their laws relating to money laundering and terrorism finance which has seen the government crackdown on anonymous cryptocurrency transactions. The government has asked exchanges in the country to put in place KYC (know your customer) checks.

Similar moves have already been conducted by Japan and the EU parliament. South Korea which is one of the most crypto friendly nations has also in the past, banned traders from using anonymous accounts.

The government of Taiwan is, however, in strong support of the blockchain technology as the finance minister revealed during the Asia blockchain summit in July this year stating the government will encourage the technology in the country.

What is your opinion on cryptocurrency taxes in general?

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