Crypto Taxation: Is It a Blessing or a Curse for Fintech Startups?
France is at it again! They’re pushing a proposal that would tax cryptocurrencies as “unproductive wealth.” This is a big deal, folks, especially for fintech startups. The implications are pretty massive, so let’s break it down and see what this could mean for the future of digital assets in Europe. Spoiler alert: it’s a mixed bag.
The Tax Proposal
On October 22, 2023, French lawmakers voted to advance an amendment to tax unrealized gains on cryptocurrencies. They’re classifying digital assets as “unproductive wealth” – a term that doesn’t exactly inspire confidence or excitement. This proposal aims to make the tax system “fairer” by including assets like gold, classic cars, and, yes, cryptocurrencies, which were…
