French economy minister Bruno Le Maire has stated that crypto-to-crypto trades will be tax-exempt, according to a report by Bloomberg. Instead, France will only tax cryptocurrency gains when they are converted into “traditional” currencies.
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“We believe that the moment the gains are converted into traditional money is the right time to assess tax,” Le Maire said. Le Maire also added that the country’s value-added tax (VAT) will only be assessed when a cryptocurrency is to purchase a good or service.
France’s decision comes after reports that Portugal’s tax authority determined cryptocurrency trading and payments in the nation are tax-free.