Executives at French crypto companies propose directly taxing crypto-to-stablecoin conversions
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Executives at three French crypto companies proposed directly taxing crypto-to-stablecoin conversions.
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Executives at French crypto companies propose directly taxing crypto-to-stablecoin conversions
PANews October 5 reported, citing Bitcoin.com, that executives at three French crypto-related companies proposed directly taxing conversions between cryptocurrencies and stablecoins. The proposers are Deblock CEO Jean Meyer, Lyzi co-founder Damien Patureaux, and Waltio CEO Pierre Morizot. They believe that French holders currently do not trigger taxation when converting Bitcoin into stablecoins, and that this fiscal exception is causing tax revenue losses and preventing infrastructure from being built. The proposal states that the measure could simplify users' crypto payments and promote merchant adoption.ADAN Director General Claire Balva said that taxation can only occur at the fiat conversion level, because taxes can only be paid in EUR, and that the measure could drive users toward USDT and other unregulated stablecoins in the EU. She stressed that this is currently only...
Deblock CEO Jean Meyer, Lyzi co-founder Damien Patureaux, and Waltio CEO Pierre Morizot put forward the proposal.
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The report states that French holders currently do not trigger taxation when converting Bitcoin into stablecoins.
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The proposers believe that direct taxation could simplify users' crypto payments and promote merchant adoption.
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ADAN Director General Claire Balva said that taxation can only occur at the fiat conversion level, because taxes can only be paid in EUR.
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Claire Balva said that the measure could drive users toward USDT and other unregulated stablecoins in the EU.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
This is a tax proposal from executives in France's crypto industry, not a policy that has already been implemented. The main points of contention are which conversion stage should be taxed and whether the policy would affect stablecoin choices.
Why it matters to readers
If a formal policy is established in the future, it could change the cost of crypto-asset conversions, payment practices, and stablecoin choices in France.
Converting cryptocurrency into stablecoins is not necessarily equivalent to converting into fiat currency; different conversion stages may be subject to different tax rules.
Risks and unknowns
The original text is incomplete at the end, and the specific taxation plan is unclear.
The evidence does not show that the French government or Parliament has formally legislated or implemented this measure.
Whether users will shift to USDT and other unregulated stablecoins in the EU has not been confirmed.
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Related concepts
Stablecoin
An asset that seeks to track a reference value and is subject to risks including depegging, reserves, and redemption.
