◇European Budgets Widen the Crypto Tax Base

Fiscal pressure in European states will keep pushing lawmakers to remove crypto tax exemptions, such as crypto-to-crypto and crypto-to-stablecoin swaps, and to tax unrealized or non-withdrawn gains. That erodes the advantage MiCA-regulated euro stablecoins were meant to have and pushes activity toward lower-tax jurisdictions, with narrow, contested votes making each budget cycle a recurring risk.