France’s tax proposal would tax Bitcoin-to-USDC swaps before investors cash out

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France’s proposed tax framework would treat swaps from Bitcoin into USDC as taxable disposals, even if investors do not convert proceeds into euros or otherwise cash out. This could require holders to recognize and pay tax on gains when moving into a stablecoin, increasing the cost and complexity of managing Bitcoin positions. The measure remains a proposal, so its final scope and implementation are uncertain.

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