France’s National Assembly is weighing a change that would apply the country’s 31.4% flat capital-gains rate to conversions into EU-regulated stablecoins, while leaving tokens such as USDT and DAI outside the tax’s reach. The finance committee’s amendment, adopted Oct. 7 as part of the 2027 budget, raises a pointed question: by taxing only the regulated corner of the stablecoin market, could France push trading into exactly the unregulated channels that the EU’s MiCA framework was built to shrink?