Bloomberg Tax
Sept. 12, 2019, 11:40 AM

France Won’t Tax Crypto-to-Crypto Trades, But Will Hit Gains Cashed Out

Rick Mitchell
Rick Mitchell
Freelance Correspondent

France will tax cryptocurrency gains when they’re converted into “traditional” currency, but crypto-to-crypto transactions remain tax exempt, French economy minister Bruno Le Maire said Sept. 12.

The country’s approach would help with tracking of transactions, a common challenge with crypto-to-crypto trading. “We believe that the moment the gains are converted into traditional money is the right time to assess tax,” Le Maire said.

By the same logic, value-added tax will only be assessed when a cryptocurrency asset is used to acquire an asset or a service, he said.

France is already applying the approach and has proposed it to the ...