French lawmakers recently proposed an extremely aggressive set of crypto tax measures in the budget bill. The most alarming one would extend the 31.4% capital gains tax directly to Bitcoin-to-stablecoin swaps, making any conversion to a compliant stablecoin like USDC a taxable event. They’re also targeting self-custody, requiring on-chain cold wallets holding more than €100,000 to be reported to the tax authority, with fines of up to €10,000 for non-compliance. Although a preliminary review committee just rejected the proposal, it will be brought back to parliament for another vote. Western tax authorities are no longer hiding their intention to control on-chain funds even more tightly than banks do.

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