The French Senate has passed the bill in its first reading, allowing tax authorities to automatically exchange crypto asset transaction data with foreign institutions, following the OECD's CARF standard; starting in 2027, profits converted into fiat-backed stablecoins may also be taxed. Previously, on-chain transactions were left unregulated; now every transaction must be reported. Compliance costs are rising, and the assets most likely to withstand them are still the mainstream ones. $BTC