France’s National Assembly adopts stablecoin tax amendment

The amendment's focus on stablecoin swaps is the telling detail: it treats conversion between tokens as a taxable event rather than a neutral technical step, which reaches routine treasury and settlement activity, not just speculation. The measures still pending — an exit tax and self-custodial wallet reporting — are the ones that would touch holders directly, so the gap between what passed and what remains under consideration is the real signal of how far France intends to go. Whether those proposals advance, and how the swap rule is implemented, is the open question.