France will not tax crypto-to-crypto transactions, but only fiat conversions

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1 France will not tax crypto-to-crypto transactions, but only fiat conversions

2 The Netherlands is planning to change cryptocurrency legislation

3 CME is requesting doubling the limit for Bitcoin futures contracts

4 Bitcoin.com wants to launch Bitcoin Cash based futures contracts

French Economy Minister Bruno Le Maire said crypto-to-crypto transactions would be tax-exempt. According to a report published by Bloomberg, only profits converted into fiat currencies will be taxed.

“We believe that the taxation of transactions with cryptocurrencies will only be realized when the profits are converted into fiat currencies”

said Le Maire.

Le Maire also clarified that value added tax (VAT) will only be calculated when cryptocurrencies are used to purchase a good or service.

The Netherlands is planning to change cryptocurrency legislation

The Central Bank of the Netherlands intends to amend the law applicable to cryptocurrencies. One of the rules might require companies outside the European Union that provide crypto services to be approved to operate in the country.

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The changes are apparently based on FATF recommendations and the European Money Laundering Directive. Most European countries will introduce the mandatory KYC / AML checks starting in 2020, applicable to both exchanges and crypto wallet providers.

CME is requesting doubling the limit for Bitcoin futures contracts

The Chicago Mercantile Exchange (CME Group), the only exchange that currently offers Bitcoin futures contracts in the US, wants to double the limit of open positions. CME has asked the CFTC regulatory authority to increase the limit from 1,000 contracts per month to 2,000. This decision is due to the steady increase in demand for Bitcoin futures, with CME volumes setting new records on a regular basis.

The value of a contract is currently 5 BTC. If approved, the contract limit increase will begin from October 2019.

Bitcoin.com wants to launch Bitcoin Cash based futures contracts

Bitcoin.com is in talks with a regulated exchange for listing a BCH futures contract.

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The statement was made by David Shin, the head of the company’s foreign exchange division, in an interview with Bloomberg. He claimed that he had preliminary discussions with several CFTC-regulated fellowships to implement these plans, but did not provide concrete details.

Currently, no CFTC regulated platform offers futures contracts in Bitcoin Cash, although this is the fourth largest cryptocurrency as a market cap.