French Crypto Executives Propose Taxing Crypto-to-Stablecoin Conversions

Three executives from crypto-linked companies have proposed that France tax conversions from crypto assets into regulated stablecoins, a change that would alter when some gains are taxed while keeping other digital-asset trades tax-deferred. Jean Meyer, CEO of Deblock, Damien Patureaux, co-founder of Lyzi, and Pierre Morizot, CEO of Waltio, said the measure would accelerate the use of crypto as a means of payment and reduce the complexity of calculating these taxes for users, according to Bitcoin.com News.

The plan matters because it would shift the taxable event for French holders. Under the proposal, tax would be triggered when crypto is converted into a regulated stablecoin, rather than when a regulated stablecoin is converted into euros, TokenPost reported. The executives said the same gain would be taxed once at the same rate, and that the proposal addresses when gains are taxed, not a new tax rate.

How the crypto-to-stablecoin tax would work

France currently defers taxes on exchanges between digital assets when no additional payment is involved, according to TokenPost. The executives would preserve that treatment for crypto-to-crypto trades and for conversions into nonregulated stablecoins, including USDT and DAI.

Meyer proposed abandoning taxation of crypto capital gains in exchange for taxing crypto-to-stablecoin exchanges, while keeping the exemption on crypto-to-crypto transactions, Bitcoin.com News reported. That shift would move tax calculation complexity to users and exchanges.

The executives also called for changes to how gains are computed. For occasional individual investors, gains are currently calculated using the disposal price and the value and acquisition cost of the holder's overall digital-asset portfolio, according to TokenPost. The executives want gains calculated asset by asset, with losses allowed to carry forward.

Executives cite a 'fiscal singularity'

In an article titled "France has six months not to miss the next industrial wave of agentic AI," the executives argued that "a French holder who converts his bitcoins into [stablecoin] does not trigger any taxation," according to Bitcoin.com News. They said this particularity conveyed no competitive advantage and constituted a fiscal singularity that is paid for in missed revenue and unbuilt infrastructure.

The executives contend the current tax treatment complicates the use of crypto for payments, TokenPost reported. Patureaux and Meyer presented a point of view that resonates with their companies, which provide electronic payment solutions that support crypto and stablecoins, according to Bitcoin.com News.

For Patureaux, the measure would simplify crypto payments for users and entice wider adoption of crypto payments at the merchant level. When paying in crypto, customers ask merchants a lot of questions about taxation, he said, according to Bitcoin.com News.

Undeclared gains and DAC8 data sharing

Morizot, who helms a tax software company, stressed that "the non-taxation of crypto/stablecoin transactions is a sword of Damocles," according to Bitcoin.com News. He said the proposal would prompt a boom in the tax statements of individuals.

The change would prompt higher tax collection from crypto holders alongside the implementation of DAC8, a crypto data-sharing initiative across European Union countries subscribed to by France, which is being expanded to more countries, Bitcoin.com News reported. France has legal provisions and a decree governing information transfers under the DAC8 framework, according to TokenPost.

Chainalysis estimates that over 90% of France's crypto gains go undeclared, considering 2025 data, Bitcoin.com News reported. That figure underpins the executives' argument that the current regime leaves revenue uncollected.

Industry pushback on the crypto-to-stablecoin tax

The proposal has drawn criticism from the native crypto crowd, according to Bitcoin.com News. Claire Balva, General Director of the Association for the Development of Digital Assets (ADAN), stressed that taxation can only happen at a fiat conversion level, as taxes can only be paid in euros, not in bitcoin or stablecoins.

Balva warned that implementing such a measure would push users to make exchanges into stablecoins that are unregulated in the EU, like USDT, Bitcoin.com News reported. Because the proposal would preserve tax deferral for conversions into nonregulated stablecoins such as USDT and DAI, critics say it could steer activity away from regulated tokens.

Nonetheless, Balva explained that this is still just a proposal and that no changes to the current tax regime are expected to be passed, according to Bitcoin.com News.

What comes next for the crypto-to-stablecoin tax

For now, the crypto-to-stablecoin tax remains an industry proposal rather than draft legislation. The executives have framed it as a way to tax the same gain once at the same rate while simplifying payments, and their call for asset-by-asset gain calculation with loss carry-forward would require changes to how occasional investors report, according to TokenPost.

Any shift would intersect with France's implementation of DAC8 data sharing, which the country has already written into legal provisions and a decree, TokenPost reported. With the measure still only a proposal and no changes expected to pass, the current regime deferring tax on digital-asset exchanges remains in place.

Conclusion

Three French crypto executives have proposed taxing conversions from crypto assets into regulated stablecoins, moving the taxable event earlier while keeping crypto-to-crypto trades and nonregulated stablecoin conversions tax-deferred. They argue the change would simplify payments and capture gains that largely go undeclared, while industry group ADAN counters that taxation can only occur at fiat conversion and warns the plan could push users toward unregulated stablecoins. The proposal remains only a proposal, and no changes to the current tax regime are expected to be passed, according to Bitcoin.com News.

Frequently Asked Questions

Who proposed taxing crypto-to-stablecoin conversions in France?

Jean Meyer, CEO of Deblock, Damien Patureaux, co-founder of Lyzi, and Pierre Morizot, CEO of Waltio, proposed taxing conversions from crypto assets into regulated stablecoins. The three executives from crypto-linked companies said the change would accelerate crypto's use as a means of payment and reduce tax calculation complexity for users, according to Bitcoin.com News.

How would the French crypto-to-stablecoin tax proposal change current rules?

France currently defers taxes on exchanges between digital assets when no additional payment is involved. The proposal would move the taxable event from converting a regulated stablecoin into euros to converting crypto into a regulated stablecoin, while preserving deferral for crypto-to-crypto trades and conversions into nonregulated stablecoins such as USDT and DAI, TokenPost reported.

Would the proposal create a new tax rate on crypto gains?

No. The executives said the same gain would be taxed once at the same rate, and that the proposal addresses when gains are taxed, not a new tax rate, according to TokenPost. They also called for calculating gains asset by asset and allowing losses to carry forward.

Why do the executives say France should tax crypto-to-stablecoin conversions?

They argue that a French holder converting bitcoin into a stablecoin currently triggers no taxation, calling it a fiscal singularity paid for in missed revenue and unbuilt infrastructure, according to Bitcoin.com News. Chainalysis estimates over 90% of France's crypto gains go undeclared in 2025 data, and the change would coincide with DAC8 data sharing.

Is France expected to adopt the crypto-to-stablecoin tax?

No changes are expected. Claire Balva, General Director of ADAN, said taxation can only happen at a fiat conversion level because taxes are paid in euros, and warned the measure could push users toward unregulated stablecoins like USDT. She said it is still just a proposal and no changes to the current tax regime are expected to pass, according to Bitcoin.com News.