The French government will reportedly not apply taxation to crypto-exclusive transactions, but will tax whenever crypto-to-fiat sales are made. 

As reported by Bloomberg, Bruno Le Maire – the economy minister of France – has reportedly shared on September 12, that the authorities “believe that the moment the gains are converted into traditional money is the right time to assess tax”.

Per the report, the initiative of applying tax to crypto-to-crypto trade is an attempt that would make the process of transactions tracking simpler – which has been recognized as an ever-pressing matter in crypto-to-crypto trading. 

Le Maire further moved his talks to the Value-Added Tax (VAT) application to cryptocurrencies. Specifically, he stated that the only scenario where crypto transactions are taxed with VAT, is when they are being utilized as a means of securing an asset or a service. 

France is reportedly putting the new approach to cryptocurrency taxation to use in real-life situations.