France's National Assembly narrowly approved an amendment that would tax gains on crypto-to-stablecoin swaps at the 31.4% capital gains rate from January 2027. The measure is not law yet and faces further votes in November.
French lawmakers adopted amendment I-3898 to the 2027 budget on Oct. 16 by 38 votes to 37, with 25 abstentions. It would end tax deferral on swaps from crypto into a stablecoin that qualifies as an e-money token under the EU's MiCA framework.
What the amendment changes
Under current rules, exchanges between crypto without an additional cash payment generally benefit from tax deferral. The amendment would remove that deferral, so investors could owe tax on gains when moving into qualifying stablecoins, even without withdrawing funds to a bank account.
The changes would apply to transactions from Jan. 1, 2027. Cryptobriefing reports that the 31.4% rate breaks down into 12.8% in income tax and 18.6% in social contributions.
Government and industry push back
Public Accounts Minister David Amiel asked for the amendment to be withdrawn and raised questions about implementation. He told lawmakers: "We first need to define stablecoins".
Meanwhile, Francois Volpoet, Chainalysis' regional sales director for France, told CoinDesk the levy could push investors toward decentralized finance platforms, peer-to-peer transactions and offshore exchanges. Philippe Juvin, the finance committee's rapporteur general, said he favored keeping the deferral given crypto's volatility.
Next votes in November
The proposal still has to clear more parliamentary stages. According to Cryptobriefing, which cites The Defiant, the budget vote has moved to November 3, and a full Assembly vote is scheduled for November 17, 2026.
The Oct. 16 vote was decided 38 to 37, so attendance alone could prove decisive in the next round.
Sources: CoinDesk, Crypto Briefing
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