French Lawmakers Back Tax on Crypto-to-Stablecoin Swaps by a Single Vote

Introduction

In a razor‑thin vote, France’s National Assembly approved an amendment to the 2027 finance bill that would treat swaps from cryptocurrencies into stablecoins as taxable events. The 38‑to‑37 outcome marks the first step in a multi‑stage process; the proposal must still clear a Senate vote and the final budget approval before it can be enforced.

What the amendment changes

Under current French tax rules, gains from crypto‑to‑crypto trades are deferred until the assets are converted into euros. The new amendment ends that deferral when the received token qualifies as an e‑money token under the EU’s MiCA framework – a category that includes popular stablecoins such as USDC and EURC.

• Tax treatment: The swap is taxed as if the original cryptocurrency were sold for euros, subject to France’s flat 31.4 % tax rate.
• Effective date: The rule would apply from 1 January 2027.
• Calculation method: Gains are measured against a weighted‑average purchase price of the swapped crypto, rather than the overall portfolio value.

Political dynamics

The amendment, tabled by GDR deputy Nicolas Sansu, drew its support mainly from left‑wing parties:

• La France Insoumise – 12 votes
• Socialists – 9 votes
• Ecologists – 8 votes
• GDR – 3 votes

The centrist President Emmanuel Macron’s party (EPR) voted largely against the measure, with only one deputy mistakenly recorded as voting in favor. The far‑right Rassemblement National cast ten votes against and abstained the rest.

Next steps in the budget process

The finance committee had previously backed a similar text, but the full revenue section of the bill was rejected on 7 October, prompting a re‑filing of amendments. The Assembly scheduled a vote on the revenue section for 20 October and a full‑bill review for 17 November. After the Assembly’s deliberations, the bill will move to the Senate. If the government chooses to invoke Article 49.3 of the French Constitution, it could force passage while selecting which amendments to retain.

Practical implications for crypto users

Should the amendment survive the legislative gauntlet, French residents will need to:

1. Track stablecoin receipts – Every receipt of an e‑money token will trigger a taxable event.
2. Maintain detailed cost‑basis records – Weighted‑average purchase prices must be calculated for each swap.
3. Plan for a higher tax bill – The 31.4 % flat rate could significantly affect net returns on stablecoin strategies.

Conclusion

The narrow passage of the amendment signals growing regulatory scrutiny of stablecoins in France. While the proposal is not yet law, its potential implementation would reshape how French crypto investors handle stablecoin swaps, turning what was previously a tax‑deferral mechanism into an immediate taxable transaction. Stakeholders should monitor the Senate’s upcoming vote and prepare for the administrative changes that may follow.