France’s stablecoin tax could push traders offshore, Chainalysis CEO warns

France’s proposed stablecoin tax would apply its 31.4% capital gains rate to swaps into certain EU-regulated tokens from January 1, 2027. But Francois Volpoet, Chainalysis’ CEO for France, warns that taxing those transactions could steer investors toward offshore exchanges and decentralized platforms instead of the regulated financial system. Key takeaways The French proposal would tax conversions into MiCA-regulated stablecoins, but exclude USDT, DAI and PAXG. A separate amendment seeks disclosures for self-hosted wallets worth at least €100,000. The crypto measures remain proposals and require another parliamentary debate.