French crypto executives propose taxing conversions into stablecoins

Three French crypto industry executives have proposed taxing capital gains when cryptocurrencies are converted into stablecoins, while keeping crypto-to-crypto trades tax-exempt. According to the proposal, France currently does not tax conversions of cryptocurrencies such as Bitcoin into stablecoins. Jean Meyer, CEO of Deblock, Damien Patureaux, co-founder of Lyzi, and Pierre Morizot, CEO of Waltio, argued that taxing gains at the point of conversion into stablecoins could simplify tax calculations and also help promote crypto payments, while preserving the tax exemption for crypto-to-crypto transactions. The Association for the Development of Digital Assets in France (ADAN), however, pushed back, saying the current approach of taxing conversions into euros or other fiat currencies is appropriate since taxes must be paid in euros or fiat currency. The proposal came from industry figures, and the French government is not currently pursuing a tax overhaul.