French Lawmakers Narrowly Approve Stablecoin Tax Proposal
Written with artificial intelligence.
French lawmakers have passed a controversial proposal to impose taxes on swaps of cryptocurrency into stablecoins, effective from 2027. The decision was made by a single vote, with tax gains calculated on a coin-by-coin basis.
Overview of the Proposal
In a close vote, French lawmakers have advanced a proposal that will introduce taxes on the exchange of cryptocurrencies into euro or dollar stablecoins starting in 2027. The tax will be calculated on a coin-by-coin basis, which means that each transaction will be evaluated individually for taxable gains.
Reaction from Crypto Holders
The proposal has sparked considerable backlash among the crypto community. Many holders are expressing concerns about personal security, especially in light of recent high-profile robberies targeting crypto investors in France. Critics argue that the new rule could expose individuals to greater risks, particularly if they are required to disclose significant holdings.
Additional Reporting Requirements
Alongside the stablecoin tax, lawmakers have also suggested that individuals holding crypto assets valued at €100,000 ($112,000) or more must report their holdings. Failure to comply could result in fines of up to €10,000 ($11,000). This aspect of the proposal has further fueled apprehension among crypto holders regarding privacy and security issues.