France Aiming for €800K Crypto Exit Tax as UK Cuts Off Russian Exchanges
Do you remember when Bitcoin hit $20K for the first time in 2017? That exact moment when the whole world collectively lost its mind, and governments were figuring out how to spell "blockchain" correctly. Well, it turns out today that those same governments have figured out how to tax it, sanction it, and throw people in jail over it. France just decided out of the blue that if your wallet is holding €800,000 or more, you’re going to pay for the privilege of leaving. Exit tax, unrealized gains, and all. Bold move, but the budget got rejected before it could pass.
Meanwhile, the UK, not to be outdone, has sanctioned three crypto exchanges it says were helping Russian entities avoid financial sanctions, with one network involved reportedly moving over $90 billion last year. That’s nearly half of Russia’s military budget. 🫢 Then there’s the Empire Market story, and if you remember Silk Road and what happened to Ross Ulbricht back in 2015, you know the dark web and Bitcoin have a long, crazy history. As of present day, Empire Market’s co-creator just got 40 years and forfeited $101 million in BTC. The feds are still out here making examples.
Here are the highlights:
- France Proposes €800,000 Crypto Exit Tax, Measures Face Uncertain Path After Budget Rejection
- UK sanctions three crypto exchanges tied to Russian illicit funds
- Dark web drug market operator sentenced to 40 years, forfeits $101 million in bitcoin
- Conduit sues Tether over allegedly freezing $2.8M without explanation
France Proposes €800,000 Crypto Exit Tax, Measures Face Uncertain Path After Budget Rejection
France’s National Assembly finance committee passed two crypto tax amendments, including an €800,000 exit tax on holdings and ending tax deferral for crypto-to-stablecoin swaps. The 2027 budget section was rejected, forcing the measures to be resubmitted for full chamber debate from October 13. The exit tax, set for 2027, would include unrealized gains and expand the departure tax to crypto. The swap amendment would tax stablecoin trades as sales. The proposals aim to align crypto rules with traditional assets. The next key step is the full chamber vote where the amendments must be refiled. This is a key update in on-chain news and broader crypto news.
UK sanctions three crypto exchanges tied to Russian illicit funds
The UK government has sanctioned three cryptocurrency exchanges and two payment platforms suspected of helping Russian entities circumvent financial sanctions. Three of the service providers were linked to Kyrgyzstan, while two of them facilitated transactions with the Kremlin-backed A7 network, the UK Foreign, Commonwealth & Development Office (FCDO) announced Thursday. Cutting off these platforms makes it harder for sanctioned entities to move and access funds, the Foreign Ministry said, adding that the A7 financial network claimed to have moved more than $90 billion last year, or nearly half of Russia’s annual military expenditure.
Dark web drug market operator sentenced to 40 years, forfeits $101 million in bitcoin
A co-creator of dark web drug enterprise Empire Market agreed to forfeit 1,230 bitcoin ($101 million), after receiving a 40-year federal prison sentence for his role in operating the site. His co-conspirator Thomas Pavey forfeited 1,584 bitcoin last year.Raheim Hamilton, 30, of Suffolk, Virginia, also agreed to forfeit 24.4 ether worth about $60,000 and three properties, according to the U.S. Attorney’s Office for the Northern District of Illinois. A federal judge in Chicago sentenced Hamilton on Monday and imposed a $5 million fine. Hamilton and Pavey operated Empire Market from 2018 to 2020. Their site facilitated more than 4 million drug transactions worth upwards of $430 million, prosecutors said.
Conduit sues Tether over allegedly freezing $2.8M without explanation
Cross-border payments platform Conduit Technology alleged that stablecoin issuer Tether froze $2.76 million in USDt (USDT) without explanation in September 2025. In a complaint filed in the US District Court for the Southern District of New York on Monday, Conduit said that Tether froze funds belonging to the company to which it had “no legal entitlement” and “no claim.” The company said it began holding USDt as part of its digital treasury wallet in May 2025, alleging that Tether froze all $2.76 million of the stablecoin in September with “no justification” — an action Conduit claimed “materially impacted its business.”
Other Highlights Worth Mentioning
Juventus FC stock down 30% since Tether investment — Protos
Robinhood adds $25 million of Bitcoin to its own balance sheet — Cryptoslate
Trader Loses $6.6 Million in Bitcoin After Buying New Ledger Wallet — Be in Crypto
Strategy Scoops Up $21.5M in Bitcoin, Buys Back $192M in STRC — Decrypt
COINIGY FACT OF THE DAY
On this day in 2022, a physically backed Bitcoin investment product launched in Dubai
On October 12, 2022, 21Shares launched its Bitcoin exchange-traded product on Nasdaq Dubai under the ticker ABTC. The product was physically backed by Bitcoin, meaning it was collateralized by the underlying cryptocurrency rather than simply tracking its price through a conventional derivative. The launch marked another step in expanding regulated crypto investment products into the Middle East.
COINIGY MEME OF THE WEEK
