Bitcoin

Gains

French Senator Sylvie Vermeillet has proposed a new framework for classifying Bitcoin and other digital assets in France’s 2025 budget. The proposal aims to designate digital assets as non-productive properties, similar to real estate and luxury goods, and impose taxes on unrealized capital gains. 
The intent is to create a balanced taxation system that aligns the physical and digital sectors. French Finance Minister Laurent Saint-Martin supports the initiative, emphasizing that fair taxation should extend to digital assets. He contends that exempting Bitcoin from taxation while taxing traditional assets creates an imbalance. This proposal highlights France’s ongoing efforts to regulate and tax digital currencies, which are increasingly popular among investors. 
If approved, the policy could significantly impact cryptocurrency investors in France, particularly those with long-term investments that may become subject to new tax obligations. 
Critics argue that taxing unrealized gains may dampen interest in digital assets and heighten market volatility. On the other hand, supporters believe the move will establish parity between the taxation of cryptocurrency and other assets. 
<h2 class="wp-block-heading" id="h-non-reported-external-accounts-face-hefty-fines">Non-Reported External Accounts Face Hefty Fines</h2> 
French taxpayers are required to report all cryptocurrency accounts held outside the country to combat fraud and tax evasion. Failure to comply can result in fines of €750 per unreported account, rising to €1,500 for accounts exceeding €50,000 in value. 
Taxpayers must also submit a Cerfa 3916-bis form with their annual tax returns, even if no transactions occurred. Authorities can audit records for up to three years or extend to ten years in cases of suspected fraud. These measures reflect France’s strict regulatory stance on cryptocurrency markets. 
The post <a href="https://www.unlock-bc.com/133668/unrealized-gains-on-bitcoin-could-be-taxed-in-france-by-2025/">Unrealized Gains on Bitcoin Could Be Taxed in France by 2025</a> appeared first on <a href="https://www.unlock-bc.com">UNLOCK Blockchain</a>.

Unrealized Gains on Bitcoin Could Be Taxed in France by 2025

Table of Contents

UNLOCK_ENG

Other articles published on Dec 4, 2024

Monerium Partners With Camino Network to Drive On-Chain Payments in the Travel Industry

Getsbit: A Leading Cryptocurrency Exchange in the Global Market

Sol Sniper Launches First Memecoin Trading Bot for X

Justin Sun Drops $6.2M on Controversial Banana Art, Calls It a "Cultural Phenomenon"

KULR Technology plans to allocate 90% of surplus cash to Bitcoin

Binance Coin (BNB) breaks to new ATH, boosted by general altcoin trend

Join our free newsletter for daily crypto updates!