By Nermeen Nabil Khear 
Right now, people only pay taxes on their crypto gains when they sell their digital assets, like Bitcoin.
But the French Senate is talking about taxing gains before they are even sold. This would mean that if the value of your Bitcoin or other digital assets goes up, you could owe taxes on the increase, even if you haven’t sold it yet.
France’s Crypto Tax Could Target Unrealized Gains
This proposal has raised a lot of questions, and it’s a big deal for the world of cryptocurrency. If the measure passes, it could change how people in France view investing in digital currencies. Right now, when you buy and sell crypto, you only pay taxes on the profit you make from selling it. But with the new tax, you’d pay taxes on any increase in the value of your crypto, even if it’s just on paper for now.
This proposal is part of a larger conversation about how to treat digital assets like Bitcoin in France. Bitcoin and other cryptocurrencies are still a relatively new concept for many people. Governments around the world are figuring out how to include these assets in their tax laws. Some believe cryptocurrencies should be taxed just like other investments, while others think they need their own rules.
France Proposes Tax on Unrealized Crypto Gains.#Bitcoin has been discussed by the French Senate, aiming to include digital assets under wealth tax.
This measure, suggested in discussions, would tax gains before assets are sold. pic.twitter.com/nRSfx5K0pi
— The Crypto Times (@CryptoTimes_io) December 3, 2024
In the U.S., when it comes to crypto, people typically only pay taxes when they sell their assets and make a profit. But, like in France, the idea of taxing unrealized gains is starting to pop up in different parts of the world. If France decides to move forward with this plan, it could set a new trend for how countries treat cryptocurrencies.
France’s Proposed Crypto Tax Could Impact Investors
For those who own Bitcoin or other digital currencies, this could make the whole process more complicated. You might have to pay taxes on something that you haven’t sold yet. The idea behind the tax is to make sure people pay their fair share, but it could also make it harder to invest and hold on to digital assets without worrying about taxes right away.
the French the past few months:
– arrest Pavel for not controlling speech
– ban Polymarket for french guy winning
– propose unrealized cap gains tax on cryptoso much for “liberty” https://t.co/gUJnPYMDgR
— mert | helius.dev (@0xMert_) December 3, 2024
In the end, whether or not this proposal becomes law is still up in the air. The French Senate is still discussing it, and they haven’t made a final decision yet. So, while it’s not set in stone, cryptocurrency holders in France are keeping their fingers crossed that this new tax won’t come to pass. If it does, it could mean big changes in how people invest in and hold on to their digital currencies.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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