YAM Store accepted cryptocurrency payments including Tether (USDT) on the TRC20 network and Ethereum, while marketplace offerings were also purchasable using USDC, Alipay, and WeChat Pay

Overview Debates Related claims Topics Sources

France should tax cryptocurrency conversions into stablecoins

Blockchain intelligence firm TRM Labs assisted law enforcement and private partners in locating and freezing cryptocurrency assets linked to YAM Store

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

The 31.4% tax proposed in Amendment I-3898 on crypto-to-stablecoin swaps would disrupt French trading strategies that use stablecoins to park digital asset gains and avoid immediate capital gains taxes

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

OKXICE plans to operate 24/7 permissioned liquidity pools on the X Layer network, pairing stock tokens against USDC, USDG, or USDT stablecoins for identity-verified traders holding non-transferable soulbound tokens

Amendment I-3898 argues that untaxed crypto-to-stablecoin exchanges deprive the French government of a valuable tax resource without creating any new burden

Circle's USDC stablecoin reached a circulation of $72.6 billion to $73.3 billion in the second quarter of 2026, representing a 19% increase from the prior year

Circle CEO Jeremy Allaire stated that businesses and individuals in emerging markets are turning to stablecoins for digital-dollar payments and financial services as blockchain moves into a mainstream scaling phase

The French Finance Committee voted to treat conversions from cryptocurrency into fiat-backed stablecoins as taxable sales beginning January 2027

Circle announced plans on October 16, 2026 to expand into approximately 40 to 50 emerging and developing markets across Southeast Asia, Latin America, Africa, and the Middle East

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

Circle controls approximately 25% of the global stablecoin market, trailing Tether's USDT which holds nearly 60% market share

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

Traditional commercial banks are developing their own digital currencies, a development welcomed by Circle CEO Jeremy Allaire