In the recent tax year, French taxpayers declared a total of $442 million worth of crypto trading profits. According to France's tax body, this figure was substantially lower than the estimated gains of approximately $4 billion made by cryptocurrency traders in 2021. As per French law, the gains from these activities are subject to a flat rate tax of 30%, with tax households expected to be declaring the income for the Fiscal Year 2021. It was noted that the sum declared was much lower than estimated due to the declining prices of cryptocurrencies. Furthermore, the French law stipulates that only crypto-to-fiat trades are subject to taxation, with crypto-to-crypto trades not subject to any taxes. However, individuals who engage in crypto activities on a regular basis may be obligated to pay taxes as if they were making industrial and commercial profits. It was also revealed that the awareness and uptake of cryptocurrencies among the French population is increasing, with one in 10 French citizens now owning crypto and 85% having knowledge about the asset class.



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