The taxation of a new class of assets such as cryptocurrencies is still not discussed enough. However, there are real precautions that investors should take from the outset in order to anticipate their future explanation. Trading platforms in France have significant advantages and make the process easier for taxpayers. Paymium, the first of them founded in 2011, helps us see things more clearly.
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Choose a platform made in France
A declaration to the tax authorities is required for any account on a platform that is not based on French soil. This approach applies to each of the « digital asset accounts » created in the calendar year that are opened, held, used or closed with companies based outside France. Even if they do not contain any funds.
The 2020 statement example highlighted yet another facet of the problems that can arise for cryptocurrency investors. Following a malfunction of the CERFA 3916 bis online form, taxpayers had to manually declare each of their platforms and transactions before sending everything back in the mail.
Form 3916-BIS is strongly inspired by Form 3916 in terms of both content and form. For good reason, the tax administration has more difficult access to the assets of French taxpayers that are held outside the territory, which is why they need the latter to inform them of the existence of accounts outside the community.
It is important to note that any failure to report can result in penalties. These apply to every « forgotten » platform, the amount of which varies depending on the offense (between € 750 per unreported account and € 150 per omission and inaccuracy).
This reporting requirement does not apply to accounts opened on exchange platforms based in France. This is the case with the historical Paymium crypto exchange.
Services that comply with French taxation
In France, other tax requirements must be taken into account by the investor. The latter must carry out a calculation and an annual declaration of the amount of the total realized capital gain or loss. He must then provide details of all taxable transactions during the year.
This process can quickly become complex and tedious. It includes a full extraction of transaction, deposit and withdrawal histories. This process can quickly turn into a nightmare if the platform used does not offer suitable services.
The Paymium platform specializing in Bitcoin trading offers a very interesting feature. In this way, you can directly export all user transactions over the desired period. Everything with just one click!
In a world where there are still gray areas when it comes to regulation. Significant changes can occur from year to year. It goes without saying that local cryptocurrency players are best placed to keep you updated on the ongoing changes.
Just look at the many Franco-French subtleties that have already been imposed and canceled in the past. Such is the case with the tax on crypto-to-crypto transactions or the special regime for capital gains from movable property that some taxpayers benefited from before 2019. A reality that French platforms are just as confronted with as taxpayers.
Many of them try to act in the best interests of their users through associations like FD2A and the Labchain consortium. The aim is to offer its users the guarantee that they will benefit from the most accurate information on the legal restrictions specific to France.
« Integrated » legal experts
This legal monitoring obligation is the origin of an initiative initiated by the Paymium platform. In fact, she decided to work with experts to offer you the best possible personal support.
This step took the form of a partnership with the e-support structure of the Waltio tax return. The company has put in place a tool specially designed to accurately calculate your cryptocurrency tax, which allows you to closely track the history of your transactions related to Bitcoin and other cryptocurrencies available on the platform.
In fact, if you wish, your Paymium account can be linked directly to your Waltio account via an API connection. The latter automatically supports the calculation of your capital gains or losses.
This partnership is available to all Paymium customers who benefit from a discount for opening a Waltio account.
Between facilitating procedures and legal oversight, using a French platform like Paymium is an option of choice to simplify future administrative deadlines. By partnering with Waltio, users can benefit from tailored support services that meet regulatory expectations.