The October 17 mobilization in France resulted in 2,397 arrests, 997 police and Gendarmerie officers injured, and one death in Paris. The new Paris headquarters of neobank Qonto, which serves 750,000 business clients, was partially burned down. The spread between French and German bond yields reached 137 basis points, reflecting the risk premium demanded by markets. On Tuesday, October 20, the French National Assembly will vote on the revenue portion of the 2027 budget, which includes a 31.4% flat tax on cryptocurrency-to-MiCA-compliant stablecoin conversions. MiCA allows crypto companies to obtain a license in a single member state to serve all twenty-seven European countries, making a potential departure from France easier.
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