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Legalization of cryptocurrency in France and Russia

11/08/2018
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  • France_cryptocurrency
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For the time being, cryptocurrency trading takes place in the “grey” space. ICO investors and organizers operate on the basis of isolated legal acts and precedents. However, now the situation is changing, and countries are ready to pass laws on cryptocurrency. First of all, they are interested in creating clear rules when conducting an ICO.

What's happening now

At the moment, the cryptocurrency industry is experiencing rapid development, but in most countries, there are no proper laws for their treatment. Sometimes this leads to serious problems, which hinders the development of the circulation of coins. So, in September 2018, the Russian police conducted a raid and seized a large number of cryptomats. Only the company Bbfpro lost 22 devices. According to unofficial data, events were held on the instructions of the Central Bank of the Russian Federation in order to study the principles of cryptocurrency trade.

The situation is similar in France. Although the authorities do not act so harshly there, profits from the sale of bitcoins are taxed at 36.2%. However, in the near future, the situation should change.

What will bring the year 2019

In Russia, by the end of 2018, it is planned to adopt a package of laws that will restore order in this area. It is planned that the law “On digital financial assets” will introduce the concept of the blockchain and cryptocurrency into the legal field. The situation is similar in France. Here, a specialized committee of the National Assembly approved draft laws on cryptocurrencies.

Despite the difference in mentality and attitude to finance, lawmakers have one thing in common - they primarily seek to settle the rules for conducting an ICO. Now it is in this area that the greatest number of criminal manifestations occur. However, the legalization of the primary placement of tokens can stimulate the development of small businesses.

Although there are concerns that after the adoption of laws, it will become more difficult and expensive to hold ICOs, this news can be regarded as a positive signal. The authorities have become much more loyal to the blockchain. Since the beginning of 2019, the French have been reducing the tax burden on the cryptocurrency trade, and the Russian authorities do not rule out the imminent appearance of a stablecoin based on the ruble.

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