Mr. conducted a major study on cryptocurrencies. The party makes proposals to support investors and promote the emergence of a crypto ecosystem.
The MR study center has carried out a in-depth study of the cryptocurrency market. Objective: to present proposals aimed at supporting the development of this emerging sector.
“We must not infantilize cryptocurrency investors. We must provide them with the right information and allow them the freedom to invest.”
The MR resolutely stands as a defender of what the Center Jean Gol studio calls “the blockchain revolution”. “This is a great technological innovation. Politicians need to care. 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. we are rather 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 made 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 is a kind of local currency that has gained momentum on the Internet.”
Even if he is not one of them, the president of the MR points out more and more Belgians are investing in cryptocurrency. There are more than 500,000, according to an ECB study. “We must not infantilize them. We must provide them with the right information and leave 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 don’t stop them from buying a house on the pretext that they run the risk of not being able to repay the loan “, continues the president of the MR.
“Is speculation wrong? Is it wrong to make money? If an investor puts $ 1,000 in cryptocurrencies and makes $ 5,000, that’s money going back to the real economy.”
Very lively, reveals Georges-Louis Bouchez a fairly favorable approach to virtual currencies. “Cryptocurrency is something quite democratic. It is a kind of local currency that has gained momentum on the Internet.” The party chairman does not deny that most cryptocurrency investors are drawn to the speculative side of these digital assets. “So what? Is speculation wrong? Is it wrong to make money? If an investor puts € 1,000 in cryptocurrencies and makes € 5,000, it is money that goes back into the real economy and that can be reinvested. Cryptocurrency investors are entrepreneurs“, Esteems the president of MR.
These entrepreneurs, the MR intends to defend them. Among the proposals put forward in his study, the party suggests report losses made on the sale of cryptocurrencies. If they are not considered good family investments, cryptocurrency investments are likely to be characterized as speculative and, as such, are taxed at 33%. As a corollary, the MR proposes that realized losses can be carried over over a period of three years. “This would enhance the attractiveness of Belgium in the tax field“, underlines the study. Problem: this measure would favor crypto-investors, to the detriment of those who invest in shares and who, in the current state of the law, cannot carry over 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 rejected by banks, who do not want to take risks with companies operating in a sector considered sulphurous. “This represents a major obstacle to 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 cryptocurrencies often find it difficult to repatriate their earnings to their bank accounts. The president of the MR wishes watch the anti-money laundering rules evolve so that banks open their doors to crypto investors.
To promote the emergence of an ecosystem around cryptocurrencies, MR also offers promote cryptocurrency payments, “where 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 the cryptocurrency sector to test new projects without being bound by existing legislation. Mr. also proposes that the future digital wallet of Belgians – a project led by Secretary of State Mathieu Michel – is protected through blockchain technology.
Crypto: what are the parties proposing?
At the house of The committed, we believe we must “support innovation”, says Brussels MEP Christophe De Beukelaer, initiator of Brussels Blockchain Week and the first Belgian parliamentarian to convert his salary into bitcoin. “We believe that the traditional financial world has not gone smoothly since the 2008 crisis. Crypto is a counter power that must be supported“, Underlines the parliamentarian.
The Committed 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 picture, believes Christophe de Beukelaer. We should set a deadline, a maximum number of trips we can make to stay within the good family man.”
Like the MR, the centrist party proposes to create a sandbox system in order to favor the emergence of start-ups active in the cryptocurrency sector. Les Engagés also offer to give to legal personality to the DAOsthese autonomous organizations which operate according to the principle of decentralization.
At the house of Echo, the first proposal concerns the sometimes enormous energy impact of mining, this IT process that protects transactions. “Europe will establish a classification of cryptocurrencies based on their environmental impact. This classification should be used promote cryptocurrencies that consume less 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 protect young people, especially minors, that are constantly solicited on social networks by crypto-influencers. “The FSMA must be more proactive and multiply the warnings. This is the sense of a text we have just voted to better regulate advertising on cryptocurrencies”, emphasizes Gilles Vanden Burre.
Greetings also the Ecolo party step up the fight against money laundering. “Justice and FPS Finances must acquire skills and specialists in the field of cryptocurrencies”, estimates Gilles Vanden Burre.
From the part 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 finally come to somehow regulate this ecosystem which, if it is based on important technological innovations, must be much more supervised, in particular due to the future risk of financial instability. “
For Challenge, “it is necessary to regulate the cryptocurrency market to better protect, but also reassure consumers”. The party supports the European MiCa text, but wishes extend its scope to NFTs. DéfI also wishes to strengthen the regulatory framework relating to cryptographic platforms operating in Belgium: “We propose that cryptocurrency exchange platforms respect the same legislation and the same constraints as banks.”
- The MR performed a great study on cryptocurrencies.
- Formulate proposals to support investors e promote the emergence of a cryptographic ecosystem.
- The Liberal Party proposes report losses on cryptocurrenciesin three years.
- The MR wants banks to guarantee a “right to account” for cryptocurrency investors and companies.