France Pushes for New Stablecoin Regulations

France’s cryptocurrency industry is calling on lawmakers to introduce clear and modern regulations for stablecoin payments, warning that outdated tax rules could harm the country’s digital economy and global competitiveness.

In an opinion piece published by Le Monde, industry representatives highlighted the growing role of stablecoins in everyday transactions, especially as AI-powered systems increasingly handle automated payments across the internet. They argue that the current legal framework no longer reflects how digital assets are being used in practice.

According to the authors, the European Central Bank already recognizes compliant stablecoins as a form of electronic money. Because of this, they believe France’s existing tax approach is outdated and creates unnecessary barriers for businesses and consumers.

At the moment, even a simple purchase made with stablecoins in France can trigger capital gains taxation once the funds are converted into euros. Experts say this discourages companies and individuals from adopting digital payments on a wider scale. As a result, some investors prefer to keep funds in stablecoins rather than use them for transactions to avoid additional costs.

The issue is becoming even more important with the implementation of the European Union’s MiCA regulations, which establish rules for stablecoins across Europe. The framework introduces standards for reserves, transparency, and consumer protection, but taxation remains under the control of individual member states.

The article also points out that France was once considered a leader in crypto regulation, having introduced dedicated rules for crypto-related companies earlier than many countries. However, industry experts warn that without tax reforms, France risks losing its competitive edge. Switzerland and Singapore were mentioned as examples of jurisdictions that offer a more favorable environment for stablecoin payments.

The uncertainty is especially challenging for businesses operating in e-commerce, international trade, and digital services, where stablecoin usage often comes with additional tax obligations and unclear accounting requirements.

Industry leaders warn that failing to modernize the rules could weaken France’s position in the fintech and AI sectors. They believe the window for action is closing quickly, and that companies and talent may increasingly relocate to countries with more innovation-friendly regulations.