Nico
@nicom
The real bottleneck for crypto adoption in France isn’t regulation or UX—it’s taxes. Under French law, *on-chain activity isn’t taxed* as long as you stay within the crypto ecosystem. You can swap, LP, stake, bridge all you want—no taxable event. But the second you convert crypto into fiat or use it to buy goods/services? Boom—taxable. And it's not capital gains like in the US. It's a *flat 30% tax* (PFU) on the *net gain* between the total value of your crypto sold and the average acquisition price of your entire portfolio. Miss that detail, and your whole déclaration can blow up 💥
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pipe.eth 🎩
@pipe
I'm not sure I get what you mean. This is actually super favorable and I sure took advantage of it while I lived in France. Not having crypto to crypto taxed is quite an advantage, especially when stables are considered crypto. Many other countries you need to declare and pay gains tax on any movement, and amount of taxes are similar...
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Nico
@nicom
I would love to be able to just spend stablecoins when doing the groceries, with all these new crypto payment cards, without having to keep my bread receipts for 3 years to justify 30% tax on the tx ...
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pipe.eth 🎩
@pipe
ah yes, that is for sure an impediment to use crypto, but as far as I know, very few countries allow it. (pretty sure UAE does) ...that said, theoretically, if you buy stables with fait directly, and then use it to buy stuff, yes you have to declare it but u don't pay anything (at almost) because there are no gains.
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Nico
@nicom
Except that you have to account for the whole portfolio acquisition price. So even if you buy your USDC 1:1 without making any gains, you still have to pay the pro-rated 30% on whole portfolio gains on these stablecoins. You can't have your cryptos in two distinct baskets and say my cryptos with gain and my stablecoins with no gain. It's all mixed and gain is the average.
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pipe.eth 🎩
@pipe
Oh because of FIFO? Yes, that's actually not great, can you argue FIFO by asset though?
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Nico
@nicom
I don't think they have this level of detail ... Crypto is crypto you know...
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