Stablecoin Regulation: France’s 31% Tax Plan Explained - OneSafe — 2026-10-15

## Short Segments Qivalis secures a Dutch EMI license, paving the way for a euro stablecoin launch. Circle’s USDC becomes the EU’s first significant e-money token under MiCA. Ledger unveils Atom, an Android device with Solana Mobile integration. And coming up, France’s proposed 31% tax on stablecoin trades could reshape the crypto landscape. Qivalis secures a Dutch EMI license to launch a bank-backed euro stablecoin. Qivalis, supported by major European banks like BBVA, BNP Paribas, and ING, has received authorization from De Nederlandsche Bank to issue euro-denominated electronic money tokens. This regulatory approval allows Qivalis to offer on-chain euro settlement infrastructure, marking a significant step in stablecoin adoption within the EU. With this license, Qivalis is set to begin issuing its euro stablecoin in the coming months, providing a regulated and secure option for euro transactions on the blockchain. This development highlights the growing trend of traditional financial institutions embracing blockchain technology to enhance cross-border payments and settlements. Circle’s USDC is designated as the EU’s first significant e-money token under MiCA. The European Banking Authority has classified USDC as a significant e-money token, transferring oversight from France’s ACPR to the EBA starting November 12, 2026. This classification places USDC under stricter regulatory scrutiny, ensuring compliance with the EU’s Markets in Crypto-Assets framework. For global businesses and decentralized autonomous organizations using USDC, this means enhanced regulatory oversight of reserves, capital, and liquidity, potentially increasing trust and stability in the stablecoin market. This move underscores the EU’s commitment to integrating stablecoins into its financial system while maintaining robust regulatory standards. Ledger unveils Atom, an Android device with Solana Mobile integration and new tamper protections. At Ledger Op3n 2026, Ledger introduced Atom, a security and privacy device designed to protect digital assets with advanced hardware-tampering protections. The device integrates with Solana Mobile, offering users a seamless experience with the Solana dApp Store and wallet through the Seeker app. This partnership marks Solana Mobile’s first hardware expansion, enhancing the security and usability of blockchain applications on mobile devices. With AI-agent controls and a secure operating system, Ledger Atom aims to provide a robust solution for managing digital assets securely on the go. This development reflects the increasing demand for secure and user-friendly blockchain solutions in the mobile space. ## Feature Story France’s proposed 31% tax on stablecoin trades could drive crypto traders offshore. French legislators have proposed extending the country’s 31.4% capital gains tax to include trades involving EU-regulated stablecoins, such as USDC, starting January 1, 2027. This proposal, part of France’s 2027 budget debate, has sparked intense discussions among crypto treasury teams, payroll managers, and payment operators who rely on stablecoins for fiat-equivalent transfers. The tax aims to treat swaps from cryptocurrencies into MiCA-regulated stablecoins as taxable sales, potentially impacting the financial strategies of entrepreneurs and investors. Critics, including Chainalysis’ regional sales director in France, warn that this tax could push traders toward unmonitored offshore channels, undermining regulatory efforts. The proposal also includes an amendment allowing investors to carry crypto losses forward for 10 years, offering some relief amid the tax changes. As the National Assembly debates the budget, the outcome could significantly influence the crypto investment landscape in France and beyond. If enacted, the tax could reshape how businesses and individuals engage with stablecoins, potentially driving innovation in tax-efficient crypto solutions or prompting a shift to jurisdictions with more favorable tax regimes. As the debate unfolds, stakeholders will be closely watching for any amendments or compromises that might mitigate the impact on the burgeoning crypto sector. This development highlights the ongoing tension between regulatory frameworks and the dynamic nature of the crypto industry, as governments seek to balance innovation with oversight.