Three French crypto executives, Jean Meyer (Deblock), Damien Patureau (Lyzi), and Pierre Morizot (Waltio), published a column in Le Monde on May 18, 2026, proposing the taxation of cryptocurrency and stablecoin exchanges in France. Currently, a French holder who converts bitcoins to stablecoin triggers no taxation, which the signatories describe as a costly fiscal singularity resulting in missed tax revenue. Their proposal aims to replace the current portfolio-wide weighted capital gains calculation with direct taxation of crypto/stablecoin transactions, while maintaining the exemption on crypto/crypto exchanges. The Association for the Development of Digital Assets (Adan) and Morpho oppose this reform, arguing it would incentivize users to turn to unregulated stablecoins like USDT rather than euro stablecoins, and advocate taxing only the conversion to fiat currency.
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