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

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France should tax cryptocurrency conversions into stablecoins

Under the SEC's September 17, 2026 innovation exemption, a trading venue must notify an equity issuer 30 calendar days before listing third-party stock tokens, giving the issuer a 30-day window to file an objection notice

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

On September 17, 2026, the SEC enacted a five-year innovation exemption order allowing permissioned venues such as OKXICE to trade tokenized U.S. equities without registering as traditional securities exchanges or market maker dealers

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

An issuer's formal objection under the SEC's innovation exemption legally blocks only the specific venue that sent the notice, requiring each new trading venue to initiate its own separate 30-day opt-out window

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

Nine U.S.-listed companies, including Broadcom, CoreWeave, Verizon, UnitedHealth Group, and Cerebras Systems, filed formal notices objecting to tokenized versions of their stock trading on OKXICE

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

Legal analysis from Davis Polk notes that the SEC's September 17, 2026 innovation exemption relief remains active through September 17, 2031, providing a regulatory testing period to gather data for permanent equity tokenization rules

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

Computershare requested in an October 2, 2026 comment letter that the SEC allow companies to file standing objections against stock tokenization

Formed in June 2026 and co-chaired by former New York Governor Andrew Cuomo, joint venture OKXICE notified the SEC on October 4, 2026 of plans to offer tokenized stock trading across 63 tickers

AMC Entertainment CEO Adam Aron publicly criticized Robinhood's offshore-issued stock tokens tied to AMC shares in a September 3, 2026 post on X after AMC issued a cease-and-desist demand to the platform

In October 2026 comment letters to the SEC regarding its innovation exemption, stock transfer agent Computershare and law firm Hunton Andrews Kurth requested an explicit consent requirement and a centralized public register for issuer objections to stock tokenization

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

OKXICE intends to launch tokenized stock trading for major companies including Apple, Nvidia, Microsoft, Amazon, Alphabet, Tesla, JPMorgan Chase, and Walmart

Fiber-optic component maker Applied Optoelectronics objected to OKXICE tokenizing its shares, citing concerns over potential investor confusion, lack of shareholder benefit, and unpredictable impacts on stock price, volatility, and liquidity