#法国众议院通过稳定币税修正案
Passed 38 to 37—by a single vote. The French are about to start paying 31.4% tax when they swap into U.
The National Assembly passed an amendment by a single vote: starting January 1, 2027, swapping BTC or ETH for MiCA-compliant stablecoins like USDC will no longer qualify for tax deferral. Even if the money never touches a bank, simply swapping on-chain will trigger an immediate tax bill of 31.4% on any gains.
But the tax rate isn’t the most absurd part.
USDT and DAI were spared. The amendment targets “compliant stablecoins” with pinpoint precision, leaving non-compliant USDT and DAI untouched. France’s logic is that USDC is pegged to the dollar and can be spent like money, so swapping into it counts as a sale; USDT is non-compliant, so it still qualifies for tax deferral. The result is that regulators are driving funds straight into the coins they trust least. Chainalysis’s warning is clear: this will push traders offshore and toward self-custody.
And even the French government doesn’t want it. The minister for public accounts asked for it to be withdrawn during the debate, saying it would be “too complicated to implement.” The Finance Committee had already rejected the entire budget revenue section by 31 to 3, and the amendment had briefly been struck down. But it was brought back on its own and revived by a single vote.
For now, it has only passed its first reading in the National Assembly. It isn’t law yet, and the Senate still has to review it.
What passes by one vote can also be overturned by one vote. But if you wait until after the Senate votes to act, the tax bill may already be on your doorstep.
$USDC
#法国稳定币税
Passed 38 to 37—by a single vote. The French are about to start paying 31.4% tax when they swap into U.
The National Assembly passed an amendment by a single vote: starting January 1, 2027, swapping BTC or ETH for MiCA-compliant stablecoins like USDC will no longer qualify for tax deferral. Even if the money never touches a bank, simply swapping on-chain will trigger an immediate tax bill of 31.4% on any gains.
But the tax rate isn’t the most absurd part.
USDT and DAI were spared. The amendment targets “compliant stablecoins” with pinpoint precision, leaving non-compliant USDT and DAI untouched. France’s logic is that USDC is pegged to the dollar and can be spent like money, so swapping into it counts as a sale; USDT is non-compliant, so it still qualifies for tax deferral. The result is that regulators are driving funds straight into the coins they trust least. Chainalysis’s warning is clear: this will push traders offshore and toward self-custody.
And even the French government doesn’t want it. The minister for public accounts asked for it to be withdrawn during the debate, saying it would be “too complicated to implement.” The Finance Committee had already rejected the entire budget revenue section by 31 to 3, and the amendment had briefly been struck down. But it was brought back on its own and revived by a single vote.
For now, it has only passed its first reading in the National Assembly. It isn’t law yet, and the Senate still has to review it.
What passes by one vote can also be overturned by one vote. But if you wait until after the Senate votes to act, the tax bill may already be on your doorstep.
$USDC
#法国稳定币税