France's National Assembly narrowly adopted an amendment that would tax private investors' swaps into single-currency stablecoins. The measure is not yet law, and the government opposes it.
France's National Assembly voted 38–37 on Oct. 16 to make swaps into single-currency stablecoins taxable for private crypto investors. The change would trigger capital gains taxation without a cash-out into traditional currency.
Amendment I-3898, presented by lawmaker Nicolas Sansu, would apply to disposals and exchanges from Jan. 1, 2027. Bitcoin News reports 25 abstentions and says only 100 of 577 MPs took part in the vote.
Deferral would end for stablecoin swaps
Under current rules, crypto-to-crypto exchanges without a cash adjustment benefit from tax deferral. The amendment would remove that treatment when an investor receives a covered stablecoin, even if the proceeds stay onchain.
The tax authority lists the default flat rate on private investors' crypto gains as 31.4%, made up of 12.8% income tax and 18.6% social levies. That rate applies to gains, not the full value exchanged.
The text targets exchanges in which the seller receives tokens defined as electronic money tokens under the EU's Markets in Crypto-Assets regulation. Exchanges into other crypto-assets would keep deferral when no cash adjustment is involved.
Government asks lawmakers to withdraw the measure
Sansu's explanatory statement argues that stablecoin conversions should lose their deferral because the tokens can be used for payments and further investments. Public accounts minister David Amiel asked lawmakers to withdraw the measure, saying implementation would be too complex in its current form.
Bitcoin News adds that analysts have lamented the development, claiming French crypto holders would lose a tool for avoiding market volatility.
The bill remains in its first Assembly reading, and Senate scrutiny, final adoption and promulgation are still required. The Assembly's calendar schedules a vote on the full bill for Nov. 17.
Sources: The Defiant, Bitcoin News
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