France Could Tax Stablecoin Swaps At 31.4%, Chainalysis Warns Of Offshore Exodus - Yellow.com

France is reportedly considering applying a 31.4% tax rate to stablecoin-to-stablecoin swaps, a treatment that would classify such transactions as taxable disposals rather than neutral exchanges. The figure aligns with France's flat levy on certain capital gains, and its application to swaps would mark a notable shift in how regulators view stablecoins for tax purposes.

Chainalysis has warned that the measure could push activity offshore, as users and platforms seek jurisdictions with lighter treatment of digital-asset conversions. The concern is that taxing swaps between tokens designed to hold a stable value may discourage the very liquidity and settlement use cases stablecoins are built for, while compliance costs rise for exchanges operating in France.

For markets, the key question is whether the proposal advances into law and how broadly it is applied. Watch for clarification on scope — which tokens and transaction types are covered — and for responses from other European regulators, since tax treatment across the EU remains uneven.