The Crypto-only trades-in France will remain tax-exempt announces French finance minister Bruno Le Maire. However, the country will tax cryptocurrency gains when they are cashed out into fiat currency.

The value-added taxes (VAT) will apply when a person uses cryptocurrency to buy an asset or service. The exemption of tax from crypto-only trades-in France will benefit many cryptocurrency traders. It will thus allow them to acquaint themselves with the legal provisions that govern the accounting procedures and tax obligations related to the activity. The country’s approach will help track transactions. This possesses a common challenge with crypto-to-crypto trading. Le Maire believes the right moment for assessing tax is when people convert their cryptocurrency gains into fiat currency. Thus, France seems to be a fine place for crypto traders who are looking to minimize their tax bills.

The crypto exchanges in France adhere to the standards on capital requirements and consumer protection and pay tax of the country. They do this in exchange of approval from the nation’s regulators. This law came became operational in the month of July this year.

Recently, Iran has exempted the tax from cryptocurrency mining in the country if the miners repatriate their overseas earnings. However, doing otherwise will be taxable as per the source.