The French parliament approved an amendment treating a swap from crypto into a stablecoin like USDC or EURC as a taxable disposal. It cleared 38 to 37, and the rate is the standard 31.4% flat tax, 12.8% income plus 18.6% social charges. Until now French holders could rotate into stablecoins and only owe tax when they cashed out to euros, so this removes parking spot entirely.

What I keep thinking about is how enforceable this is onchain. A self-custodial swap on a DEX leaves a record, but nothing stops someone routing through an offshore wallet the tax authority never sees. For anyone here in the EU, does this change where you'd actually hold stables, or just push activity further off the regulated onramps?