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EURC 法国国民议会拟对受监管稳定币征收资本利得税，引发市场迁移担忧
法国国民议会正在审议一项修正案，计划将法国现行的 31.4% 统一资本利得税率适用于兑换欧盟监管稳定币的行为，而将 USDT、DAI 等代币排除在该税收范围之外。这项作为 2027 年预算一部分于 10 月 7 日通过的财政委员会修正案提出了一个尖锐的问题：如果仅对受监管的稳定币市场部分征税，法国是否会促使交易流向欧盟《加密资产市场法规》（MiCA）旨在压缩的非监管渠道？
修正案的具体变化
根据目前的法国规定，一种加密货币资产转换为另一种并不构成应税事件；统一税仅在投资者将持仓兑换为法币或进行消费时适用。该修正案旨在填补让稳定币兑换逃避税收的漏洞。其解释性说明认为，这一变更“并未创造新的税负”，而是将现有税收应用于立法者此前未预见的情况，并指出英国和意大利已将稳定币视为货币以进行税务处理。
自 2026 年初以来生效的 31.4% 统一税率下，任何加密货币到稳定币的兑换都将成为应税事件，所获得稳定币的获取价格将被固定用于后续计算。此举结束了目前允许投资者在不实现应税收益的情况下，将比特币和其他加密资产兑换为电子货币代币（即 MiCA 术语中的受监管稳定币）的递延政策。从 2027 年 1 月 1 日起，此类兑换将与兑换成欧元一样被征税。该措施是财政委员会支持的更广泛加密变革包的一部分，其中包括要求申报持有至少 10 万欧元的自主托管钱包，以及将法国的离境税延伸至价值约 90 万美元的加密持仓。
可能导致反噬的不对称性
问题在于，该税收仅适用于符合 MiCA 规定的稳定币。Chainalysis 法国首席执行官 Francois Volpoet 向 CoinDesk 表示，该措施针对的是受监管的电子货币代币，而将 USDT、DAI 和 PAXG 排除在外，他警告这可能会迫使投资者转向去中心化平台、点对点交易以及国际报告安排之外的场所。“我们是希望更多纳税人申报资产，还是希望对一个日益被规避的基础应用更高的税率？”他问道。
There are precedents for such migration risks. Chainalysis cited data showing a surge in EURC trading volume by 2,727% from July 2024 to June 2025, while USDC saw only a 86% increase. This indicates the speed at which activities shift after regulatory changes. It is estimated that France recorded $9.4 billion in blockchain-based crypto activities in 2025, including $2.5 billion in revenues. The risk of cross-border stablecoins has been recognized by regulators, and the Financial Stability Board (FSB) also expressed concerns about offshore migrations.
These issues are not yet legally defined – there are still safety concerns involved. The Budget Committee rejected the government’s budget proposal for 2027, with 31 votes against 3, and sent the crypto-related amendments back to the plenary session of the National Assembly. Voting on the revenue section is scheduled for October 20th. The budget itself must be approved by December 10th, and each clause may still be modified or removed.
Additionally, there are security considerations. Requiring taxpayers to declare assets held in self-hosted wallets worth at least 100,000 euros could lead to personal attacks on those holding such wallets. Chainalysis noted that this risk is particularly acute in France, with 33 out of 39 cases of “violent seizures” recorded in Europe in July occurring in France. This contrasts with Greece, which is preparing to impose a 10% capital gains tax on crypto assets. This shows that despite MiCA efforts to reform the stablecoin market, there are significant differences among EU member states.
