#Crypto Corner: France Cuts Tax Rates, Japanese Exchange Almost as Successful as Stock Exchange Operator and Australian Regulator Talks Crypto
Point Roberts, WA and Delta, BC - April 27, 2018 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news reports on what's driving the cryptocurrency markets with today's edition of Crypto Corner.
Crypto Corner - April 27, 2018
By Samuel Mowers at Investorideas.com
France Cuts Tax Rates, Japanese Exchange Almost as Successful as Stock Exchange Operator and Australian Regulator Talks Crypto
France's tax rate on cryptocurrency purchases was changed from 45 percent to 19 percent according to a report in Le Monde yesterday. This comes after a decision by the Conseil d'Etat to reclassify profit made from cryptocurrencies as capital gains of "movable property".
"Under this regime, gains from the sale of cryptocurrencies are considered industrial and commercial profits (BIC) in the case of usual activity, and as non-commercial profits (NBC) in case of occasional activity. This classification has specific tax consequences and results in a tax rate of up to 45% for income tax purposes, for the wealthiest taxpayers, in addition to the 17.2 % of generalized social contribution (CSG) also levied."
According to a piece in Bloomberg, Japanese crypto exchange Coincheck almost earned as much as the country's top stock exchange operator in the ten months from April 2017 to January 2018.
"Japanese cryptocurrency exchange Coincheck Inc. earned an estimated 53.2 billion yen ($490 million) in the 10-month stretch from April 2017 through January, according to its new owner Monex Group Inc. By comparison, Japan Exchange Group, operator of Japan's biggest stock and derivatives markets, made 71.8 billion yen in the 12-month period that ended in March, it said Friday. The figures illustrate how lucrative crypto-trading can be -- assuming bourses can avoid being hacked."
This is similar to yesterday's news of cryptocurrency exchange giant Binance recording a higher profit than Germany's largest bank, Deutsche Bank in Q1 of this year.
Australian Securities and Investments Commissioner (ASIC) John Price gave a speech at a Sydney FinTech event, wherein he outlined the country's ICO and Crypto regulations. Price said that while ASIC wants to see new technology succeed, the main priority is to protect consumers:
"We are determined - as are you - to see Australia's innovative fintech and regtech flourish in the right regulatory environment, and that means maintaining an open mind when it comes to new technologies and 'early-days' business models.
But - and this is an important 'but' - ASIC must be focused on both protecting Australian consumers and facilitating innovation across the financial services industry."
The development of innovative technologies like blockchain and ICOs has the potential to revolutionise how our society engages with financial products and services, but with revolution comes risk..."
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