法国通过加密支持的伦巴第贷款迈出了一步

在这个货币控制塔中，六角形不想扮演孤独的狼。

France is Europe. And Europe is the temple of regulation. In this monetary control tower, the Hexagon does not want to play the lone wolf. No question of embracing bitcoin before the 27. Yet, sometimes, it winks at the most daring. Latest twist? A legal clarification on Lombard credit backed by cryptos. Not a revolution. But a step, even if disguised, is still a step.

法国是欧洲。欧洲是监管神庙。在这个货币控制塔中，六角形不想扮演孤独的狼。毫无疑问，要在27岁之前拥抱比特币。但是，有时候，它最大胆地眨了眨眼。最新扭曲？由加密货币支持的伦巴第信贷的法律澄清。不是一场革命。但是，即使伪装，一个步骤仍然是一步。

Crypto as collateral: yes, but with a cautionary vest

加密作为抵押：是的，但是带有警示背心

The crypto Lombard credit was not born yesterday. It was already discussed in hushed banking circles. This loan, guaranteed by a crypto wallet, offers a promise: liquidity without liquidation. You lock your cryptos. You receive euros. In case of default, the collateral goes to the scrapyard.

加密伦巴德（Crypto Lombard）信贷昨天不是出生。在安静的银行界已经讨论了它。该贷款由加密钱包保证，提供了承诺：没有清算的流动性。您锁定加密货币。您收到欧元。在违约的情况下，抵押品将用于废料。

But where France is finally moving is on the legal framework. The DDADUE 5 law, in force since April 30, allows “the establishment of a pledge by signed declaration of the owner of the cryptos“. One more formality. And one less ambiguity.

但是法国最终移动的地方是在法律框架上。 Ddadue 5法律自4月30日起生效，允许“通过签署了加密货币所有者的宣告建立誓言”。另一种形式。还有一个较小的歧义。

This change fits the MiCA logic, the great European crypto market charter. “The crypto Lombard credit is a great tool for structured HODLers,” comments Arnaud Touati. But beware: perhaps we structure, but we do not democratize yet.

这种变化适合云母逻辑，这是欧洲伟大的加密市场宪章。 Arnaud Touati评论说：“加密隆巴德信贷是结构化霍德尔的好工具。”但是要当心：也许我们的结构，但我们还没有民主化。

Dan Arroche tempers:

然后是Arroche的脾气：

« No revolution, just a legal clarification. »

«没有革命，只是法律澄清。 »»

And still, this is only on paper. The ground remains minefielded. French banks remain skeptical. The risk is too volatile. Solvency ratios too fragile. In short, real use remains marginal.

而且，这只是在纸上。地面仍然被雷电。法国银行仍然持怀疑态度。风险太波动了。偿付能力比太脆弱了。简而言之，实际使用仍然很边缘。

MiCA, taxation: the shackles of progress

云母，税收：进步的束缚

A regulatory advance does not always rhyme with practical progress. Because in detail, the French tax system is a true labyrinth. And in this labyrinth, crypto Lombard credit might well fall into a trap.

监管进步并不总是随着实际进步的押韵。因为详细说明，法国税制是一个真正的迷宫。在迷宫中，Crypto Lombard信用很可能陷入陷阱。

Dan Arroche warns:

丹·阿罗奇（Dan Arroche）警告：

« The question is whether placing cryptos as collateral = transfer of ownership = taxable event? »

«问题是将加密货币放置为抵押=所有权的转让=应税事件吗？ »»

In other words, using your bitcoins as a pledge could activate… taxation. And there, no one is joking anymore.

换句话说，将您的比特币用作承诺可以激活……税收。在那里，没有人在开玩笑了。

Two cases must be distinguished:

必须区分两个案例：

* Crypto sold to repay the loan: this generates a capital gain or loss, to be declared in the year of the sale.

*加密出售以偿还贷款：这会产生资本收益或损失，并在销售年份宣布。

* Crypto kept in the wallet despite default: remains in the patrimony, no taxable event in the year of the loan, but capital gain or loss to be declared in the year of sale or donation.

*尽管违约，加密货币仍在钱包里：仍然存在于贷款年，没有应税事件，但是在出售或捐赠的一年中要宣布的资本收益或损失。

In other words, a tax lawyer becomes mandatory. To avoid innovation turning into an administrative disaster.

换句话说，税务律师成为强制性的。避免创新变成行政灾难。

Here are the key data to remember :

这是要记住的关键数据：

* DDADUE 5 law in force since April 30, 2024

*自2024年4月30日以来，Ddadue 5法律生效

* Article 93 of the General Tax Code defines the taxable events

*一般税法第93条定义了应税事件

* Capital gain or loss on the sale of crypto to repay the loan

*出售加密货币以偿还贷款的资本收益或损失

* Undetectable transfer of ownership if the crypto remains in the wallet despite default

*如果加密货币仍在钱包中，所有权无法检测到所有权的转让

* No specific provision for crypto in the tax code, requiring interpretation by the administration

*税法中没有针对加密的具体规定，需要政府的解释

This new legal framework might encourage banks to offer crypto Lombard loans, a product already proposed by some European institutions. However, it remains to be seen whether French banks will be interested in this type of product, given their risk aversion and the potential difficulties in integrating it into their existing systems and reporting requirements.

这个新的法律框架可能会鼓励银行提供加密伦巴德贷款，这是一些欧洲机构已经提出的产品。但是，鉴于法国银行的风险规避以及将其集成到现有系统和报告要求中的潜在困难，法国银行是否会对这种类型的产品感兴趣还有待观察。

A psychological factor is added to this legal equation: fear of banks. Their cautiousness slows adoption. “Obtaining crypto Lombard credit on acceptable terms is almost impossible,” concludes Arroche.

心理因素被添加到此法律方程式：对银行的恐惧。他们的谨慎减慢了采用。 Arroche总结道：“以可接受的条件获得加密货币伦巴德信贷几乎是不可能的。”

We pretend to legalize, but no one is playing along.

我们假装合法化，但没有人在玩。

Between patrimonial tool and golden mirage

在遗产工具和黄金海市楼之间

For whom is this new credit? For the average saver? No. For private banking clients, maybe. For large crypto portfolios, surely. This loan remains a wealth optimization tool, not a gateway to regulated DeFi.

这个新信用是谁？对于普通储蓄者？否。也许是私人银行客户。对于大型加密投资组合，肯定是。这项贷款仍然是一种财富优化工具，而不是通往受规范的门户的门户。

In fact, very few players are ready. Few institutions accept this type of pledge. The crypto market is still deemed too unstable. Yet, some see an opportunity here.

实际上，很少有球员准备好了。很少有机构接受这种承诺。加密市场仍然被认为不稳定。但是，有些人在这里看到了一个机会。

This credit can become an alternative to asset sales, maintaining exposure to the market. So it appeals to those who want to “hodl while buying a house“. But provided they are well advised, and well capitalized.

该信贷可以成为资产销售的替代品，并保持市场敞口。因此，它吸引了那些想“买房时hodl”的人。但是，只要他们得到了很好的建议，并且大写了。

And while some move forward, others denounce. On X, a user mocks:

而有些人向前迈进，其他人则谴责。在X上，用户模拟：

« Historically all war loans were scams. Luxembourg life insurance, crypto in self-custody, the threat is serious. »

«历史上所有的战争贷款都是骗局。卢森堡人寿保险，自我顾客的加密，威胁是严重的。 »»

An amusing take on the crypto narrative! 😉

对加密货币的叙述很有趣！ 😉

"The year is 2024. War broke out in Ukraine. Faced with this crisis, the French State launched a large-scale bond issue, named "Imperium," to mobilize the nation's savings and support the war effort.

“这一年是2024年。在乌克兰爆发了战争。面对这一危机，法国国家发起了一个大规模的债券发行，名为“ Imperium”，以动员美国的储蓄并支持战争努力。

People were encouraged to subscribe to these bonds, presented as a patriotic duty and a way to participate in the collective destiny.

鼓励人们赞同这些债券，以爱国义务和参与集体命运的方式。

The bonds promised a low interest rate of 1%, but they were also subject to an original clause: in case

这些债券承诺的低利率为1％，但它们也受到原始条款的约束：以防万一