The MR wants to defer the losses of crypto-investors

The MR has carried out a major study on cryptocurrencies. The party formulates proposals to support investors and promote the emergence of a crypto ecosystem.

The MR study center carried out a in-depth study of the cryptocurrency market. Objective: to bring out proposals aimed at supporting the development of this emerging sector.



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

Georges Louis Bouchez

President of the MR

The MR resolutely positions itself as a defender of what the Center Jean Gol study calls “the blockchain revolution”. “This is a major 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 ban. At MR, we are rather in favor of the development of private initiative. We want to support the emergence of a business ecosystem around the blockchain and cryptocurrencies”, explains Georges-Louis Bouchez, president of the MR, who has set up an appointment with his avatar, for a 3.0 interview in the metaverse. , “a world very permeable to cryptocurrencies”, he tells us.



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

Georges Louis Bouchez

President of the MR

Even if he is not one of them, the president of the 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 allow them the freedom to invest”, evokes Georges-Louis Bouchez. The FSMA, the watchdog of the financial markets, however formally advises against investing in this type of extremely risky product. “People go into debt to invest in real estate. We are not going to prevent them from buying a house on the pretext that they take the risk of not being able to repay their loan”, continues the president of the MR.

Pro-crypto



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

Georges Louis Bouchez

President of the MR

Very spirited, Georges-Louis Bouchez reveals a fairly favorable approach to virtual currencies. “Cryptocurrency is something quite democratic. It’s a kind of local currency that has gained momentum 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 cryptos and makes 5,000, that’s money coming back into the economy real and which can be reinvested. Crypto investors are entrepreneurs“, estimates the president of the MR.

33

%

When they are considered speculative, capital gains on the sale of crypto-assets are taxed at 33%. To counterbalance this provision, the MR proposes to defer capital losses over a period of three years.

These entrepreneurs, the MR intends to defend them. Among the proposals made in its study, the party suggests carry forward losses made on the sale of crypto-assets. If they are not considered good family investments, crypto investments are indeed likely to be characterized as speculative and, as such, to be taxed at 33%. As a corollary, the MR proposes that realized losses can be carried forward over a period of three years. “This would strengthen the attractiveness of Belgium in the tax field“, underlines the study. Problem: this measure would favor crypto-investors, to the detriment of individuals who invest in shares and who cannot, under the current state of the legislation, carry forward their losses.

More welcoming banks

The Liberal Party also wants to establish a “right to accounts” in favor of companies active in crypto. These are often dismissed by banks, who do not want to take risks with companies working in a sector considered to be sulphurous. “This represents a major obstacle for the development of this ecosystem in Belgium”, regrets the study. “This also applies to individuals,” says Georges-Louis Bouchez. Investors who have made good deals in crypto often find it difficult to repatriate their gains to their bank accounts. The president of the MR wishes see the anti-money laundering rules evolve so that banks open the door to crypto-investors.

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

Crypto: what are the parties proposing?

At the house of The Committed, we believe that we must “support innovation”, indicates Brussels MP Christophe De Beukelaer, initiator of Brussels Blockchain Week and the first Belgian parliamentarian to have converted his salary into bitcoin. “We believe that the traditional financial world has not been running smoothly since the crisis of 2008. Crypto is a counter-power that must be supported“, underlines the parliamentarian.

The Engaged propose to clarify the tax system by specifying the concept of a good fatherwhich allows crypto-investors to be exempt from taxation on their capital gains. “Many investors do not dare to repatriate their money into the real economy, for lack of a clear framework, believes Christophe de Beukelaer. We should set a deadline, a maximum number of movements that we can make to stay within the framework of the good father of the family.

Like the MR, the centrist party proposes to create a sandbox system in order to promote the emergence of start-ups active in crypto. Les Engagés also offer to give a legal personality to the DAOsthese autonomous organizations that operate on the principle of decentralization.

At the house of Eco, the first proposal concerns the sometimes enormous energy impact of mining, this computer process that secures transactions. “Europe is going to establish a classification of cryptocurrencies according to their environmental impact. This classification should be used to promote crypto-assets that consume the least energy“says MP Gilles Vanden Burre, who chairs a House advisory committee on cryptocurrencies.

Ecolo also suggests establishing a stricter framework and deploying an educational arsenal to protect young people, especially minors, who are constantly solicited on social networks by crypto-influencers. “The FSMA must be more proactive and multiply warnings. This is the meaning of a text that we have just voted to better regulate advertising on cryptocurrencies”, points out Gilles Vanden Burre.

The Ecolo party also wishes intensify the fight against money laundering. “Justice and the FPS Finances must acquire skills and specialists in the field of crypto-assets”, estimates Gilles Vanden Burre.

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

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

The summary

  • The MR carried out a great study on cryptocurrencies.
  • It formulates proposals to support investors and promote the emergence of a crypto ecosystem.
  • The Liberal Party is proposing carry forward losses on crypto-assetsover three years.
  • The MR wants banks to guarantee a “right to account” for crypto investors and businesses.

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