France’s stablecoin tax passed by just one vote: 38 to 37.
#FrenchNationalAssemblyPassesStablecoinTaxAmendment
I checked the voting record: on the night of October 16, only 100 of the 577 members of parliament showed up to vote.
The proposal is to tax gains at 31.4% from January 1, 2027, when crypto is converted into compliant stablecoins such as USDC or EURC—the same rate as when selling for euros.
The most awkward part is that USDT isn’t included, because it isn’t a MiCA-recognized e-money token. So compliant stablecoins are the ones getting hit first.
For now, it’s only an amendment. There’s another full-house vote on the 20th, and it still has to pass the Senate.
If it really takes effect, I’d guess plenty of people in Europe will switch their stablecoins to USDT or simply move onto the blockchain. The tax may not bring in much.
#FrenchNationalAssemblyPassesStablecoinTaxAmendment
I checked the voting record: on the night of October 16, only 100 of the 577 members of parliament showed up to vote.
The proposal is to tax gains at 31.4% from January 1, 2027, when crypto is converted into compliant stablecoins such as USDC or EURC—the same rate as when selling for euros.
The most awkward part is that USDT isn’t included, because it isn’t a MiCA-recognized e-money token. So compliant stablecoins are the ones getting hit first.
For now, it’s only an amendment. There’s another full-house vote on the 20th, and it still has to pass the Senate.
If it really takes effect, I’d guess plenty of people in Europe will switch their stablecoins to USDT or simply move onto the blockchain. The tax may not bring in much.