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      French Crypto Executives Propose Direct Taxation on Crypto-to-Stablecoin Conversions

      PANews reported on October 5, citing Bitcoin.com, that executives from three French crypto-related companies have proposed directly taxing conversions between cryptocurrencies and stablecoins. The proponents are Deblock CEO Jean Meyer, Lyzi co-founder Damien Patureaux, and Waltio CEO Pierre Morizot. They argue that French holders converting Bitcoin into stablecoins currently do not trigger taxation, and that this fiscal exception has led to tax revenue losses and unbuilt infrastructure.

      The proposal states that this move could simplify crypto payments for users 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 euros, and that the measure could push users toward stablecoins not regulated by the EU, such as USDT. She emphasized that this is currently only a proposal, and France's existing tax regime is not expected to change as a result.


      Source: PANews
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