Restricting crypto platforms from lending unauthorized stablecoins does more harm than good

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The French executive government remains opposed to Amendment I-3898, which subjects crypto-to-stablecoin swaps to capital gains taxation

On October 16, 2026, 100 of 577 French National Assembly MPs voted (38-37, with 25 abstentions) to adopt Amendment I-3898 to the 2027 Finance bill, proposing a 31.4% capital gains tax on crypto-to-stablecoin swaps

Analysts suggest taxing stablecoin swaps could impede stablecoin adoption in France and lead French investors to rotate into alternatives like gold-linked digital tokens

French MP Nicolas Sansu filed Amendment I-3898, which was approved by France's Finance Committee before advancing to the French National Assembly

Amendment I-3898 seeks to close a regulatory tax loophole regarding crypto-to-stablecoin exchanges and stablecoins, which French legislators argue perform money functions such as payments and investments

If adopted without modifications by the French Parliament, the capital gains tax imposed by Amendment I-3898 on crypto-to-stablecoin exchanges will take effect on January 1, 2027

French media reported that the French government could exclude Amendment I-3898 or approve the budget bill's first iteration without amendments to prevent the tax measure from passing

A French National Assembly vote on Tuesday, October 20, 2026, will decide the delivery of Amendment I-3898 and the 2027 Finance bill to the Senate for further consideration

In February 2026, Chinese regulators issued a joint notice banning unauthorized issuance of yuan-pegged stablecoins and tightening controls on digital assets

Republican incumbent Pete Ricketts voted in favor of the Digital Asset Market Clarity Act and the Guiding and Establishing National Innovation for US Stablecoins Act while in office

Circle secured U.S. federal trust bank charter approval in July 2026 to support its institutional digital dollar operations

Circle CEO Jeremy Allaire cited the U.S. GENIUS Act, expected to take effect in January 2027, as a key regulatory framework encouraging wider stablecoin adoption

Circle CEO Jeremy Allaire stated at the IMF and World Bank meetings in Bangkok that federal banking approvals and U.S. legislation position USDC as a legitimate digital dollar

Before issuing Qivalis's euro-denominated token under MiCA rules, Qivalis must publish a crypto-asset white paper detailing the issuer, token rights, technology, and risks

Under the EU Markets in Crypto-Assets regulation, electronic money tokens must be pegged to a single official currency, redeemable at face value at any time, and prohibited from paying interest.

De Nederlandsche Bank authorized Amsterdam-based Qivalis B.V. as an Electronic Money Institution on October 14, 2026.

The Electronic Money Institution license places Qivalis under ongoing supervision by De Nederlandsche Bank and authorizes Qivalis to issue euro-denominated electronic money tokens.

ASIC proposed that platforms holding over A$100,000 in client money maintain at least A$50,000 in surplus liquid funds, while platform-issued stablecoins are excluded from net tangible asset calculations.

Article 51 of the EU Markets in Crypto-Assets regulation specifies that regulatory authorities do not require prior approval of electronic money token white papers before publication.

MiCA requires electronic money token issuers to operate a full-reserve model, requiring significant issuers to keep at least 60% of reserve assets in bank deposits.