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Odaily reports: The French Senate has passed a bill on first reading authorizing tax authorities to automatically exchange crypto asset transaction data with foreign counterpart agencies. The bill has subsequently been submitted to the National Assembly for review as Bill No. 3421 and still needs to complete the legislative process.The bill covers agreements on the exchange of crypto asset tax information and updates existing agreements on the exchange of financial account information. The crypto asset portion is based on the Crypto-Asset Reporting Framework (CARF) developed by the Organisation for Economic Co-operation and Development, which sets common standards for collecting and automatically exchanging crypto transaction information for participating jurisdictions.France has already implemented the EU's Eighth Amendment to the Administrative Cooperation Directive (DAC8) through its 2025 finance bill, requiring crypto service providers to report client identity and transaction data to tax authorities, which then share the information with the EU country where the user resides. French lawmakers are also discussing crypto tax adjustments in the 2027 budget. An amendment passed by the National Assembly on October 16 proposes taxing gains from conversions into specific fiat-pegged stablecoins starting January 1, 2027, but the measure has not yet become law. (Cointelegraph)
According to Yonhap News Agency, South Korea's ruling Democratic Party convened a lawmakers' assembly on October 27 to discuss whether to delay taxation on crypto assets, but failed to reach a formal party position. Following the meeting, Jeon Eun-soo, the ruling party's floor spokesperson in the National Assembly, stated that the party would "hear more opinions." She noted that with only about 60 days remaining before the tax's implementation, the party would make a decision as soon as possible. Jeon explained that Kwon Ik-seong, chairman of the policy committee, relayed various perspectives during the session, where voices calling for a postponement of the tax emerged. Lawmaker Ahn Do-je presented multiple arguments, asserting that the tax should be rolled out concurrently after the passage of the Digital Assets Basic Act. South Korea's crypto asset taxation framework was introduced in 2020 and has already been delayed three times. Should it not be postponed again, it is set to take effect in January 2027: annual income derived from the transfer and lending of crypto assets will be subject to a 22% comprehensive tax rate (combining other income tax and local income tax) after deducting a basic exemption of 2.5 million won. According to related Yonhap reports, the South Korean Presidential Office favors delaying the tax, potentially factoring in public sentiment among younger demographics.
According to The Block, Lee Eog-weon, Chairman of the South Korean Financial Services Commission (FSC), stated at a National Assembly hearing that government consultations on the Digital Assets Basic Act have entered the final stage, and the government will push for the bill's prompt enactment. The legislation aims to establish a comprehensive regulatory framework for digital assets, covering licensing systems for cryptocurrency exchanges, stablecoin issuance rules, and related legal definitions.
According to Yonhap News Agency, the South Korean National Assembly's Committee on Finance and Economic Planning held its comprehensive audit of state affairs for 2026, where the ruling and opposition parties clashed over the virtual asset taxation issue, which has been postponed three times. Originating from the 2020 revision of the Income Tax Act, the policy is scheduled to take effect starting in January 2027 under current regulations. Democratic Party lawmaker Yoon Deok-ho stated that the United States, Japan, Germany, and the United Kingdom have already implemented virtual asset taxes, noting that approximately 48 countries worldwide are currently taxing them. He argued that repeated delays undermine policy consistency, claiming that postponing or repealing enacted laws "shakes the foundations of the nation." Meanwhile, People Power Party lawmaker Lim Yi-ja pointed out that overseas exchanges have no obligation to submit transaction details to South Korea, compromising tax fairness. She also noted that industry players require at least six to nine months to build necessary infrastructure in accordance with National Tax Service announcements, indicating that current preparations remain insufficient.
Lee Eok-won, Chairman of South Korea's Financial Services Commission (FSC), stated at the comprehensive audit of the National Assembly's Legislation and Judiciary Committee that various circumstances need to be fully considered regarding the virtual asset taxation scheduled to take effect next year. People Power Party lawmaker Song Eon-seok questioned whether the tax should be abolished or postponed, and stated that before the nature of digital assets and policy direction are determined, priority should be given to enacting the "Basic Act on Digital Assets." Lee Eok-won responded that the digital asset-related bill has entered the final negotiation stage and discussions will be pushed forward as soon as possible; regarding taxation, opinions vary among all parties, and relevant feedback is still being collected.South Korea's virtual asset taxation was introduced in 2020 through an amendment to the Income Tax Act and has been postponed three times. The government is advancing related administrative procedures according to the schedule for implementation in January next year, but some in the industry and within the ruling party believe that current standards remain unclear, infrastructure is insufficient, and the timing for implementation is not yet mature.
Odaily reports: On Friday, France's National Assembly passed Amendment I-3898 with 38 votes in favor, 37 against, and 25 abstentions, which proposes taxing certain cryptocurrency-to-stablecoin conversion transactions. If approved, the relevant provisions are expected to take effect starting in 2027. The measure would change the method for calculating cryptocurrency capital gains tax, meaning that when investors convert Bitcoin or other cryptocurrencies into stablecoins, the resulting gains could trigger tax liability even if the assets are not converted into fiat currency.The French National Assembly is scheduled to vote on Tuesday on the first part of the 2027 Finance Bill. A proposal to allow realized cryptocurrency losses to be carried forward for 10 years was rejected by the Assembly on Friday with 18 votes in favor, 75 against, and 3 abstentions.French lawmakers are also reviewing two cryptocurrency tax proposals: I-CF1822 would expand the exit tax to unrealized gains, applicable to taxpayers whose cryptocurrency portfolios exceed €800,000 in total value and who relocate their residence outside France; I-2701 would require the declaration of self-hosted wallet holdings, with a threshold of more than €100,000 in total value for the relevant tax year. Both proposals remained under review as of Monday. (Cointelegraph)
The South Korean Financial Supervisory Service (FSS) stated that it will in the future launch swift investigations into unfair trading and other activities associated with virtual asset issuance foundations, in order to address conduct that undermines market order. The relevant content was presented on October 19 in a report on the current status of audit operations at the National Assembly's Political Affairs Committee, under a plan titled "Strengthening Digital Asset User Protection and Establishing a Sound Trading Order."
Odaily Report: On October 16, the French National Assembly passed Amendment I-3898 to the 2027 budget bill, which proposes that starting January 1, 2027, transactions converting crypto assets into e-money tokens under the MiCA framework be included in the scope of capital gains taxation, with related gains subject to a flat tax rate of 31.4%, and a tax liability triggered even without conversion into euros. The measure covers stablecoins such as USDC and EURC; Chainalysis analysis shows that USDT is not covered by this measure. The amendment still requires subsequent budget votes and Senate review and has not yet formally become law.
According to CoinDesk, the French National Assembly is deliberating on the 2027 budget, which features an amendment proposing to subject stablecoins regulated under the EU’s MiCA framework (e-money tokens) to capital gains tax at a rate of 31.4%, effective January 1, 2027. Currently, France only levies taxes when cryptocurrencies are exchanged for fiat currency or used for purchases, whereas swapping between crypto assets does not trigger tax obligations. François Volpoet, CEO of Chainalysis France, cautioned that this policy could incentivize traders to migrate to regulatory blind spots like DeFi platforms or self-custody wallets, ultimately eroding the tax base. Furthermore, the parliamentary finance committee has adopted two additional proposals: one requiring the disclosure of self-custody wallets holding more than €100,000, with fines capped at approximately $11,600 for violations; and another extending the outbound transfer tax to crypto holdings exceeding roughly $900,000. These measures remain unenacted, with parliament scheduled to vote on the revenue articles on October 20.
Odaily News: The Finance Committee of the French National Assembly has passed an amendment that would require the declaration of self-custodial wallet crypto assets valued at or above €100,000 (approximately $112,000) at year-end, with non-declarers facing fines of up to €10,000 (approximately $11,000). The rule has not yet become law and may still be subject to changes.Harry Halpin, CEO of privacy infrastructure company Nym, stated that French tax authorities are suspected of selling taxpayer data to criminals, and the new declaration requirement could threaten the safety of asset holders. Rand Hindi, founder of privacy protocol Zama, called on French crypto asset holders to leave France, and those unable to leave should hire security for their families.The proposal comes amid a series of crypto-related robberies, kidnappings, and "wrench attacks" that have occurred in France in recent years. The committee had also passed measures treating crypto-to-stablecoin conversions as taxable sales and expanding the scope of crypto exit taxes, but the budget revenue portion was subsequently rejected by a vote of 31 to 3, and the related amendments will need to be resubmitted. (Decrypt)
According to Euronews, the Finance Committee of the French National Assembly voted last week to pass several cryptocurrency tax amendments. Under the proposal, residents holding over €800,000 in crypto assets who relocate overseas will be subject to an exit tax starting in 2027, covering tokens on foreign platforms and self-custody wallets, though the tax rate remains unspecified; tax payments may be deferred for moves within the EU, with exemptions applying after two to five years of asset holding. Additionally, self-custody wallets valued at over €100,000 at year-end must be declared, otherwise facing fines of up to €10,000; the conversion of crypto assets into stablecoins will also be subject to the current unified tax rate of 31.4%. Notably, as the committee rejected the budget revenue portion by a vote of 31 to 3, the aforementioned amendments must be resubmitted this Tuesday, will be voted on again on October 20, and will be forwarded to the Senate for review following a full package vote on November 17.
Odaily News: The Finance Committee of the French National Assembly has passed amendment No. I-CF821, which would require holders of self-custodied crypto assets valued at or above €100,000 (approximately $112,000) to declare their holdings.The declared value is based on December 31 of each year, and those who fail to declare as required may face fines of up to €10,000. The proposal was put forward by Charles de Courson, Jean-Pierre Bataille, and Michel Castellani, aiming to combat tax evasion.The amendment still needs to be resubmitted and approved when the National Assembly reviews the revenue portion of the budget before it can be incorporated into French law. After the Finance Committee passed the relevant amendment, it rejected the revenue portion of the 2027 budget by a vote of 31 to 3, and lawmakers are expected to begin debate on Tuesday starting from the government's original draft. (Cointelegraph)
Odaily News: The French National Assembly's Finance Committee this week approved two crypto tax amendments: starting January 1, 2027, converting MiCA-regulated stablecoins will be treated as a taxable sale; and a proposed exit tax on tax households whose total crypto asset value exceeds 800,000 euros and who relocate abroad.On October 9, the committee rejected the budget revenue section by a vote of 31 to 3. The full National Assembly will deliberate based on the government's original text, and the above amendments will not be automatically included. Supporters will need to reintroduce them during debates starting October 13, with the formal vote scheduled for October 20. The related measures have not yet become law.The stablecoin amendment was proposed by left-wing GDR party member Nicolas Sansu and 16 co-signatories, and applies to electronic money tokens as defined by MiCA. The amendment does not set a new tax rate, but instead seeks to include the relevant gains under France's existing 31.4% flat tax regime.The committee also approved an amendment proposed by Daniel Labaronne, allowing investors to carry forward crypto asset losses for 10 years to offset future gains. The proposed exit tax applies to taxpayers who have been French tax residents for at least 6 of the past 10 years and whose total crypto assets, including custody assets, exceed 800,000 euros in value. (Decrypt)
According to Cointelegraph, the Finance Committee of the French National Assembly approved amendments to the 2027 Finance Bill this week, proposing that as of January 1, 2027, the exchange of cryptocurrencies for fiat-pegged stablecoins would be classified as a taxable event, meaning investors could face capital gains tax even without converting the assets into fiat currency.
As reported by Journal du Coin, France’s 2027 budget bill was submitted to the National Assembly on October 1, with the Finance Committee beginning to vote on ten cryptocurrency-related amendments on October 7. As of October 8, three have been passed: stablecoin conversions are treated as taxable events (starting January 1, 2027), cryptocurrencies valued over €800,000 are subject to an exit tax, and cryptocurrency losses can be deferred and deducted over a ten-year period; a proposal to expand the wealth tax to cover crypto assets was rejected; and a tax-cut amendment submitted by Paul Midy was directly declared invalid for violating Constitutional Article 40, which prohibits reductions in public revenue. Additionally, the EU DAC8 directive mandates that platforms collect user identity and transaction data starting January 1, 2026, with initial reports to tax authorities due by June 15, 2027, taking effect automatically without a parliamentary vote. Another proposal would require reporting of self-custody wallets valued above €100,000, carrying maximum fines of €10,000 for violations. The aforementioned amendments are not yet legally binding. The plenary session will deliberate on them from October 13 to 19, with the final vote set for November 17.
Odaily News: South Korea's Deputy Prime Minister and Minister of Economy and Finance Lee Hyung-il stated that regarding the virtual asset taxation policy planned for implementation in 2027, various opinions raised by the National Assembly, as well as those from experts, industry participants, and relevant stakeholders, will be extensively collected. South Korean lawmaker Kim Sang-hoon questioned that months before the implementation of virtual asset taxation, the relevant infrastructure remains incomplete, including insufficient capabilities for tracking and verifying transaction records on overseas exchanges, DEX, DeFi, and other platforms.Regarding the estimated tax revenue from virtual asset taxation, Lee Hyung-il stated that there are indeed "parts that are difficult to accurately grasp," and since taxation requires obtaining tax filing data first, further tax revenue estimates can only be made after the relevant filing system is launched next year, with prudent evaluation of related policies. (chosun)
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According to Yonhap, the share swap transaction between Upbit's parent company Dunamu and a subsidiary of South Korean internet giant Naver may face uncertainties. Documents disclosed by the Legislative Affairs Research Division of the National Assembly indicate that the transaction may simultaneously be subject to the minimum shareholding requirement for subsidiaries stipulated in the Fair Trade Act, as well as restrictions on the maximum shareholding by major shareholders of virtual asset exchanges.
: On September 9, Bulgaria's National Assembly passed amendments to the Tax and Social Security Procedure Code with 149 votes in favor, 0 against, and 10 abstentions, which will allow the Bulgarian National Revenue Agency to obtain detailed information on crypto asset users. The bill was approved by the 240-seat parliament.The amendments implement two European Union (EU) directives, requiring crypto asset-related businesses to register and report to the Bulgarian National Revenue Agency users' names, addresses, dates and places of birth, tax residences, and tax identification numbers, as well as to submit transaction data for various types of crypto assets, including gross amounts received, number of transactions, number of fiat buy and sell transactions, and crypto asset exchange activity.Privacy advocates criticized the scope of data collection as overly broad, arguing that mandatory disclosure of personal information could pose security risks. Crypto traders and small businesses said the registration and reporting requirements will increase compliance costs; supporters of the bill argue it aligns with EU standards and helps curb tax evasion. The relevant directives require EU member states to complete adoption by December 31, 2025. (Bitcoin.com News)
Odaily News: South Korea's digital asset institutionalization process this week once again focused on two major directions: legislation and infrastructure development. According to South Korean Democratic Party lawmaker Min Byeong-deok (민병덕), speaking at a seminar, the "Digital Asset Basic Act" will be pushed for enactment within the year, with a public hearing planned for this month, and formal legislative review to commence in November after the completion of the parliamentary audit. However, considering that the National Assembly will still conduct parliamentary audits and budget reviews and other procedures, the legislative timeline may also be delayed to the first half of next year. In addition, South Korea's Financial Services Commission has announced a phased implementation roadmap for security tokens (STO), and financial institutions are also advancing tokenization system testing and global infrastructure cooperation. South Korea's digital asset regulation is gradually shifting from institutional discussion to the implementation preparation stage. (MK)