• A French politician proposes a simplified cryptocurrency taxation regime

  • Pierre Person, a French politician, has laid out his plan for simplifying cryptocurrency taxes in France.

    Because digital assets must be converted into fiat currencies, paying for goods or services with crypto usually results in a tax obligation. Person, on the other hand, wishes to eliminate tax compliance headaches.

    Given that companies such as PayPal and Visa are actively participating in the crypto economy, the MP has proposed not taxing cryptocurrency payments if the total amount does not exceed 3,000 euros. This means that people will be able to spend digital assets using popular cryptocurrency cards or other services without triggering a taxable event.

    The politician also wants to allow for the carrying forward of net capital losses for up to ten years in order to maintain France’s attractiveness to the cryptocurrency industry.

    Furthermore, he is willing to exempt crypto companies from paying taxes after conducting crypto transactions and to establish a separate tax regime for non-fungible tokens (NFTs), which are currently in the gray area.

    Person, who is considered one of President Emmanuel Macron’s closest allies, was one of the most influential people within the La République en Marche party before resigning as the president’s deputy secretary-general earlier this month.

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