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France's National Assembly has approved an amendment that could introduce a 31.4% capital gains tax on crypto-to-stablecoin swaps starting in 2027. The tax would apply to profits, not the full swap amount. And it could cover stablecoins whose issuers aren't authorized in the EU. Paying directly with crypto is already a taxable event in France. You don't have to ban crypto to discourage people from using it. Just make it so expensive that they stop on their own.

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