Category Archives: France

French Crypto Banking Startup Disappears After Failed ICO

A French crypto banking startup known as Hush has up and vanished following the failure of its initial coin offering (ICO).

Founded in Toulouse, France by Eric Charpentier – also founder of the banking startup Morning – the organization was a self-proclaimed “neo bank” that sought to utilize cryptocurrencies and digital tokens when creating a service system that would give customers complete control over their finances.

Crypto Has Paved the Way for Strange Behavior

Unfortunately, the bank came with a touch of controversy, primarily due to its founder Charpentier. Two years ago, his other startup, Morning, saw its operations suspended by financial regulators who believed the company was mishandling customer funds. Later, the venture was acquired by the French bank Edel, who operates it today.

Following the opening of Hush’s doors, Eric announced that the company would engage in an ICO project that sought to raise anywhere between $17 and $23 million. Hush allegedly had a team of recognized advisers backing it up, and it was garnering solid rankings for its ICO prospects. Sadly, with the crypto arena losing wind fast and most major currencies in the red, the company only sold about 245 of its coins, garnering just over $600,000 in the end – only a small fraction of the intended goal.

Three months later, Hush has seemingly gone completely silent, and is nowhere to be found. Several consultants involved with the project have not been paid, while the company’s Medium account no longer exists. In addition, Charpentier has deleted all his tweets regarding Hush and has expunged his LinkedIn account. He has also deleted his Telegram account.

Hush community manager Max Massat is claiming:

“Eric is now taking the time to manage his projects far from the pressure of his networks. We have decided not to justify ourselves. We work in silence. The real investors in the project know. We leave the fantasies for others.”

At the time of writing, both Massat and Charpentier have disappeared from the public eye. There have been no further public comments regarding Hush, while the company’s Telegram channel remains inactive. Charpentier is allegedly facing legal issues from those hired to consult on Hush, who say they have not received fair compensation.

Who Wasn’t Paid for Their Work?

One such consultant is Sebastien Bourguignon, who states:

“I didn’t have any news from Eric Charpentier since [the middle] of June. He didn’t pay me for the advisory [work]. I am in litigation with him.”

Do you think Hush is simply working behind closed doors, or do you think something strange is going on? Post your comments below.

Image courtesy of Shuttershock

The post French Crypto Banking Startup Disappears After Failed ICO appeared first on Live Bitcoin News.

Source: Bitcoin News

France Rejects Crypto-Friendly Taxation Policies

France has gotten in the way of a long list of new crypto-friendly tax regulations that seek to provide cryptocurrency merchants and their customers with more profits.

The French Nationwide Meeting rejected the regulations on Monday, believing that the present rate of tax exemptions is fair, and thus warrant no changes. At the time of writing, these exemptions stand at 305 euros, though the new laws would have risen this rate to roughly 3,000 or 5,000 euros. Members of the Meeting stated that such a spike would be nothing less than “extreme.”

All Crypto Businesses Are Pooled Together

In addition, the Meeting also turned down regulations that would have granted different rules for enterprises that engage in short-term or occasional cryptocurrency trades and those that did so regularly. A bill was also rejected that would have benefited those who have experienced capital losses on their digital asset portfolios.

Surprisingly, one amendment left out of the Meeting was a 30 percent flat tax set to be implemented for all cryptocurrency transactions. Presently, crypto property is taxed at over 36 percent, which accounts for 19 percent revenue and 17 percent social contributions. The Nationwide Meeting assembly has stated in the past that:

“A flat tax charge is positively welcomed for its simplicity and authorized certainty.”

the tax is described as follows:

“At present, bitcoin good points are taxed at a charge of 36.2 percent, whereas different types of capital good points on different non-real property are taxed at a flat 30 percent. The finance fee adopted a medication to the 2019 price range invoice that may topic gross sales of crypto-assets like bitcoin to the 30 percent flat charge as effectively.”

If the law had gone into effect for crypto-based property, such assets would be subject to the standard 30 percent tax rate rather than 36, lowering fees significantly for local traders.

Regular Crypto Activity in Europe

Over the past year, Europe has become something of a major crypto haven. Iceland, for example, has admitted that it currently requires more electricity to power its many bitcoin mining operations than it does to power all its residences, while Malta has become a central hub for several crypto businesses that have since packed up their bags and moved from Asia due to the continent’s growing (and restrictive) legislation regarding digital assets.

Switzerland arguably stands as Europe’s top crypto-performing nation, housing what’s known as Crypto Valley – an assortment of both blockchain and digital currency-based startups and business ventures.

Will France eventually see the light when it comes to cryptocurrency? Post your comments below.

Image courtesy of Shuttershock

The post France Rejects Crypto-Friendly Taxation Policies appeared first on Live Bitcoin News.

Source: Bitcoin News