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Regulations Push Number of Crypto Ads in France Down 11%

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Regulations Push Number of Crypto Ads in France Down 11%

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Following France’s decision to ban cryptocurrency advertising and restrict contract for difference (CFD) ads, these two areas have seen their share of the financial advertisement market plummet. CFD refers to a popular form of derivative trading.

France’s financial markets regulator, the Autorité des Marchés Financiers (AMF) shared the financial advertisement stats from January-September on Friday, revealing that crypto-related ads dropped to just a 12% share in the market compared to a 23% share in Q1 of this year. These ads include that of ICOs, blockchain services, and other related products.

Earlier this year French financial regulators declared that financial products relating to cryptocurrency must legally be defined as derivatives. As well as meaning that they now require regulation, and crypto exchanges require formal authorization to list the ‘derivatives’ and have been barred from advertising them online.

Last year, CFDs and other speculative investment ads, including those relating to cryptocurrency, boasted 50% of the total financial advertisement market, whereas so far this year they have dropped to one quarter.

AMF said that in the wake of the recent cryptocurrency craze, the number of binary options and CFDs offered from forex brokers relating to digital currencies exploded, offering investors contracts that allow them to bet on the rise and fall of crypto prices without investors actually holding the cryptocurrency themselves.

Despite losses in the ad market, French authorities have been aiding the growth of the blockchain industry by cutting the high-band tax rate on profits from 45% to just 19% in April this year. There is an additional contribution added to the social welfare system that pushes the new rate up to nearly ‎‎35%, although this is still a 25% reduction from the original total.

Bitcoin in France is currently classified as ”moveable property,” making it subject to capital gains tax which stands at a flat rate of 19%.

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