France’s president Emmanuel Macron has been on a campaign to bring foreign companies to the country with the prospects of a business-friendly government. This has lead the nation to be one of the leaders in Europe for cryptocurrency, in terms of regulation and adoption.
Among the new tactics to bring in foreign funds, crypto traders in France will soon have some relief from bitcoin capital gains tax. Early next year, the country’s lawmakers are attempting to pass a bill to amend the current tax law for the cryptocurrency traders.
According to a report by Reuters, the French legislators of the lower house of parliament will put into action an amendment to the next budget bill for financial commodities including cryptocurrencies, effectively reducing the capital gains tax from 36% to 30%. The bill is currently on hold as it is waiting for approval from the MoP in both the lower and the upper house. Once passed, the new rate should be effective January 1, 2019.
This move falls in line with the promise issued by President Macron for a stronger business economy, in which he introduced the Business Growth and Transformation bill (PACTE). The purpose of the bill is to make company operations within France to be as burdenless as possible.