Éric Lombard, France’s Minister of the Economy, has become a central figure in the country’s approach to cryptocurrency regulation. Since taking the ministerial role in 2024, he has discussed crypto taxation, the proposed flat tax, the EU’s Markets in Crypto-Assets framework, and the development of euro-denominated stablecoins.
For crypto investors and businesses, these discussions matter. Tax rules can influence returns, while regulatory standards affect how exchanges, token issuers and payment providers operate. Lombard’s position also offers a clearer view of how France intends to balance innovation with consumer protection.
Who Is Éric Lombard?
Éric Lombard is a French economist and senior public official who has worked on tax policy, public finance and economic competitiveness. He was appointed Minister of the Economy in 2024.
In this role, his responsibilities extend beyond traditional economic matters. He oversees policies related to finance, taxation, digital services and business competitiveness. Cryptocurrencies now sit within that broad agenda because France has already introduced a dedicated crypto tax framework and actively supports the EU’s regulatory shift under MiCA.
France’s Crypto Tax Framework
France is among the European countries that have taxed crypto gains since 2019. The regime generally distinguishes between different types of assets and activities. This is important because treating Bitcoin, a token used in decentralized finance and a stablecoin as identical can create confusion.
Under the current framework, most crypto assets are generally subject to a 30% tax on realized gains. Certain assets and activities can qualify for a lower 12% rate. For example, long-term holdings of crypto assets may qualify for the reduced rate under specific conditions.
The taxable event is also important. Selling Bitcoin for euros may trigger capital gains taxation, while simply buying and holding it generally does not. Spending crypto on goods can potentially create a tax event, although valuation rules can be complicated.
Investors who buy through platforms such as Kraken should retain transaction histories. Good record-keeping is like keeping receipts when purchasing a home: it demonstrates the cost basis and helps calculate any taxable gain accurately.
What Is the Proposed Flat Tax?
One of the most closely watched elements of Éric Lombard crypto policy is the proposed flat tax. The idea is to replace France’s existing graduated rates with a single rate for certain crypto activities.
According to proposals discussed publicly, the flat tax would apply mainly to frequent trading and active investment. It would not necessarily cover every situation, such as long-term saving, inheritance transfers or occasional disposals. The distinction resembles the difference between an active trader and someone who buys a home to live in rather than resell immediately.
Supporters argue that a simpler system could reduce administrative friction, improve predictability and make France more attractive to crypto companies and professional investors. Critics counter that a single rate could increase the tax burden for some taxpayers or remove incentives associated with holding assets longer.
The key issue is therefore not merely the rate itself, but which activities it covers and how gains are calculated. Until legislation is formally adopted and implemented, existing rules remain the relevant legal reference for taxpayers.
MiCA and Its Impact on France
The EU’s Markets in Crypto-Assets Regulation, known as MiCA, creates a harmonized legal framework for crypto-asset services across the European Union. Rather than allowing each member state to maintain entirely separate rules, MiCA establishes common standards covering authorization, disclosures, market conduct and custody.
For France, this should make the regulatory environment more consistent for companies operating across the bloc. Businesses offering services to customers may need authorization as a crypto-asset service provider or to operate under an applicable exemption. Requirements vary by activity, so understanding a firm’s precise role is essential.
MiCA has also brought stablecoins into sharper regulatory focus. Investors should review an exchange’s authorization and the assets listed on it before transacting. European platforms such as Bitvavo may be available for users seeking regulated access, although users should independently verify current permissions and protections.
Euro Stablecoins and France’s Monetary Strategy
Lombard has supported the development of stablecoins denominated in euros. These digital tokens are designed to maintain a stable value by referencing euros and other assets or reserves.
The economic logic is straightforward. A euro stablecoin could make it easier to transfer value on blockchain networks without relying on a dollar-linked token. For businesses and consumers, that may reduce currency mismatch risk: a French company using euros would not necessarily need to hold a dollar-denominated asset for every digital payment.
However, stablecoins are not risk-free. They introduce questions about reserves, redemption, governance, cybersecurity and concentration. Their value depends partly on the quality of the assets backing them and the issuer’s ability to honour redemptions.
For users considering long-term custody, a hardware wallet such as the devices available through Ledger can help keep private keys offline. It does not eliminate smart-contract, exchange or issuer risk, so secure storage should complement—not replace—research into the token itself.
What Could Change for Investors?
France’s evolving crypto framework could produce several practical effects:
- Greater tax clarity: A flat-tax model could make treatment easier to understand, provided its scope and timing become clear.
- More regulated access: MiCA should improve consumer protections and create a more consistent European market.
- Stronger euro settlement options: Euro-backed stablecoins could support payments, liquidity and on-chain commerce.
- Higher compliance demands: Exchanges, issuers and financial institutions will need stronger controls for customer checks, reporting and asset segregation.
The Main Takeaway
Éric Lombard’s tenure marks a phase in which France is seeking to modernize its crypto rules without abandoning tax enforcement or consumer safeguards. The proposed flat tax could simplify some transactions, MiCA provides the regulatory backbone, and euro stablecoins may strengthen Europe’s digital-payment ecosystem.
For investors, the immediate priority is to remain informed, document transactions and verify that platforms comply with applicable EU requirements. Once the flat-tax proposal becomes law, taxpayers should compare the new treatment with existing rules and seek professional advice for complex portfolios.
