France’s proposed 31.4% stablecoin tax may push traders offshore

France is considering a 31.4% tax on regulated stablecoins, and Chainalysis CEO in France Francois Volpoet warned that the measure could drive traders toward offshore channels outside close monitoring. The report describes a proposal, not a tax already in force.

The central concern is that a steep tax on regulated stablecoins could change where people trade rather than simply how much they pay. The available details do not explain which stablecoin transactions would qualify or when the proposal might take effect.

Why could France’s stablecoin tax push activity offshore?

Volpoet’s warning is about the possible destination of trading: channels beyond the reach of the monitoring associated with regulated services. If users move activity offshore to avoid the tax, authorities could have less visibility into those transactions. The report does not quantify how many traders might move or identify specific platforms.

That makes the proposal’s design important for ordinary users. The headline rate alone does not establish what an individual would owe; the rules on covered transactions, exemptions and implementation would determine the practical impact.

What should French stablecoin users watch for?

The next concrete step is whether France advances the proposal and publishes its scope and timing. Until those details are available, the 31.4% figure should be treated as a proposed rate, not a bill that stablecoin holders are already required to pay.

The debate also highlights a specific trade-off: rules aimed at regulated stablecoins may be less effective if users respond by shifting to less visible venues. Chainalysis has separately reported on illicit activity moving across blockchains, including a 420% rise in onchain malware linked to state-backed actors; that is a different issue, but it underscores why visibility into crypto activity matters to investigators.