MR wants to postpone losses for crypto investors

MR has conducted a major investigation into cryptocurrencies. The party formulates proposals to support investors and promote the emergence of a crypto ecosystem.

The MR study center conducted a in-depth study of the cryptocurrency market. Objective: to make proposals aimed at supporting the development of this new sector.



“We must not infantilize cryptocurrency investors. We must give them the right information and give them the freedom to invest.”

George Louis Bouchez

chairman of MR

MR positions itself resolutely as a defender of what the Center Jean Gol investigation calls “the blockchain revolution”. “It is a great technological innovation. Politicians must take an interest in it. Rather than listing all the problems and disadvantages that may arise, we prefer to position ourselves in favor of technological progress. The authorities’ first instinct is often to prohibit. At MR, we better be in favor of the development of private initiative. We want to support the emergence of a business ecosystem around blockchain and cryptocurrencies”, explains Georges-Louis Bouchez, president of MR, who has arranged an appointment with his avatar for a 3.0 interview in the metaverse. , “a world”. very permeable for cryptocurrencies”, he says.



“Cryptocurrency is something quite democratic. It’s a kind of local currency that has taken off on the Internet.”

George Louis Bouchez

chairman of MR

Although he is not one of them, the chairman of MR notes that more and more Belgians are investing in cryptocurrency. They are more than 500,000 according to a study by the ECB. “We must not infantilize them. We must give them the right information and give them the freedom to invest”, evokes Georges-Louis Bouchez. However, FSMA, the financial markets’ watchdog, formally advises against investing in this type of extremely risky product. “People go into debt to invest in real estate. We should not prevent them from buying a house under the pretext that they are taking the risk of not being able to repay their loan”, continues the chairman of MR.

Pro crypto



“Is speculation wrong? Is it wrong to make money? If an investor puts 1,000 euros in crypto and makes 5,000, that’s money coming back into the real economy.”

George Louis Bouchez

chairman of MR

Very lively, reveals Georges-Louis Bouchez a fairly favorable approach to virtual currencies. “Cryptocurrency is something quite democratic. It’s a kind of local currency that has taken off on the Internet.” The party chairman does not deny that most crypto investors are drawn to the speculative side of these digital assets. “So what? Speculation is wrong? Is it wrong to make money? If an investor puts 1,000 euros into crypto and makes 5,000, that’s money that comes back into the economy and can be reinvested. Crypto investors are entrepreneurs“, assesses the president of MR.

33

%

When considered speculative, capital gains from the sale of crypto assets are taxed at 33%. To offset this provision, MR proposes to defer exchange rate losses over a period of three years.

These entrepreneurs, MR intends to defend them. Among the proposals in its study, the party proposes carry forward losses made when selling crypto-assets. If they are not considered good family investments, crypto investments will actually be characterized as speculative and as such taxed at 33%. As a consequence, MR proposes that realized losses can be carried forward over a period of three years. “This would strengthen Belgium’s tax attractiveness“, the study underlines. Problem: this measure will favor crypto-investors to the detriment of individuals who invest in stocks, who under current law cannot carry forward their losses.

More accommodating banks

The Liberals also want to establish one “right to accounts” in favor of companies active in crypto. These are often rejected by banks that do not want to take risks with companies working in a sector considered sulphurous. “This represents a major obstacle to the development of this ecosystem in Belgium”, laments the study. “This also applies to individuals,” says Georges-Louis Bouchez. Investors who have made good trades in crypto often find it difficult to repatriate their winnings to their bank accounts. The chairman of MR wishes watch anti-money laundering regulations evolve as banks open the door to crypto investors.

To promote the emergence of an ecosystem around crypto, MR also offers promote cryptocurrency payments, “where possible”, for example on public transport. The party also wants to establish a so-called system of “Sand box”, which should allow companies active in crypto to test new projects without being restricted by existing legislation. MR also suggests that the future digital wallet of Belgians – a project led by Foreign Minister Mathieu Michel – is secured via blockchain technology.

Crypto: what do the parties propose?

In the house of The Committed, we believe we must “support innovation”, states Brussels Member of Parliament Christophe De Beukelaer, initiator of Brussels Blockchain Week and the first Belgian parliamentarian to convert his salary to bitcoin. “We believe that the traditional financial world has not run smoothly since the 2008 crisis. Crypto is a counter force that needs to be supported“, emphasizes the parliamentarian.

The Engaged propose to clarify the tax system by clarifying the concept of a good fatherwhich enables crypto-investors to be exempt from taxation on their capital gains.”Many investors do not dare to bring their money home to the real economy, in the absence of a clear framework, believes Christophe de Beukelaer. We should set a deadline, a maximum number of movements, that we can do to stay within the framework of the good family man.

Like MR, the center party proposes to create one sandbox system to promote the emergence of start-ups active in crypto. Les Engagés also offers to provide one legal entity to the DAOsthese autonomous organizations that operate according to the principle of decentralization.

In the house of Eco, the first proposition concerns the sometimes enormous energy impact of mining, that computer process that secures transactions. “Europe will establish a classification of cryptocurrencies according to their environmental impact. This classification will be used to promote cryptoassets that consume the least energy” says Member of Parliament Gilles Vanden Burre, who chairs a parliamentary advisory committee on cryptocurrencies.

Ecolo also proposes to establish stricter frameworks and deploy an educational arsenal to protect young people, especially minors, which is constantly encouraged on social networks by crypto-influencers. “FSMA must be more proactive and multiple warnings. This is the intention of a text that we have just voted to better regulate advertising on cryptocurrencies”, points out Gilles Vanden Burre.

The Ecolo party also wants that intensify the fight against money laundering. “Justice and FPS Finanser must acquire competences and specialists in crypto assets”, assesses Gilles Vanden Burre.

On the side of PSwe want “to restore order in this digital wild west and better protect users.” PS welcomes the future European MiCa regulation and the recent commitment to register cryptocurrency platforms with the FSMA. “These first elements are finally going to regulate this ecosystem, which, if it is based on important technological innovations, will have to be monitored much more, especially because future risk of financial instability.”

To Challenge, “it is necessary to regulate the cryptoasset market to better protect but also reassure consumers.” The party supports the European text MiCa, but wants extend its scope to NFTs. DéfI also wants to strengthen the regulatory framework regarding crypto platforms operating in Belgium: “We propose that cryptoasset exchange platforms respect the same legislation and restrictions as banks.”

The summary

  • MRI performed a great study about cryptocurrencies.
  • It formulates proposals to support investors and promote the emergence of a crypto ecosystem.
  • The left proposes carry forward losses on crypto assetsover three years.
  • MR wants the banks to guarantee a “right to account” for crypto investors and companies.

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