PARIS: Trying to incentivize investments in cryptocurrency, France has slashed its cryptocurrency income tax rate on capital gains from 45 percent to a flat 19 percent. The French Council of State has changed the classification of cryptocurrency capital gains to achieve the new rates.
France’s Council of State was a key to the cuts. It said that cryptocurrency profits are considered “moveable property,” which means they are subject to a lower tax rate. Prior to the ruling, cryptocurrency gains were identified as either industrial and commercial profits or non-commercial profits. That means those in the highest tax bracket were subject to a capital gains tax of as much as 45 percent.
