France's National Assembly backs tax on crypto-to-stablecoin swaps by single vote
Lawmakers in France's National Assembly approved an amendment to the 2027 finance bill to tax crypto-to-stablecoin trades at 31.4%, ending current tax deferrals on those transactions starting in January 2027 if enacted.
France's National Assembly narrowly passed an amendment on Oct. 16, 2026, to treat swapping cryptocurrency into stablecoins as a taxable event, according to official chamber records reported by Unchained. Amendment 3898, introduced by Nicolas Sansu of the GDR group, was adopted in a first-reading vote of 38 to 37, with 25 abstentions. Out of 100 deputies taking part, 75 cast a ballot, giving the measure the exact 38 votes required for an absolute majority.[3]
Under existing French rules, capital gains on crypto-to-crypto trades remain tax-deferred until an investor converts assets into euros. The proposed amendment ends that deferral when receiving e-money tokens defined under the EU's MiCA framework, such as USDC and EURC. Gains would be assessed using a weighted average purchase price and taxed at France's 31.4% flat rate starting Jan. 1, 2027, applying even if investors keep proceeds in self-custody wallets and never exit to fiat currency.[1][3][4]
Left-wing parliamentary factions provided the core backing, including 12 votes from La France Insoumise, nine from Socialists, eight from Ecologists, and three from GDR. Emmanuel Macron's EPR group voted 12 to 1 against, though EPR deputy Olivia Grégoire filed a correction stating she intended to vote against after mistakenly being tallied in favor. The amendment is not yet finalized law and still faces consideration by the Senate, budget reconciliation, and potential executive selection under Article 49.3 of the French constitution.[2][3]
Key facts
- France's National Assembly approved Amendment 3898 to the 2027 finance bill by a 38–37 vote on Oct. 16, 2026, with 25 abstentions.
- The measure removes tax deferrals for swaps into MiCA-defined e-money tokens, including stablecoins such as USDC and EURC.
- Covered trades would be taxed at France's 31.4% flat tax rate beginning Jan. 1, 2027, conditional on full legislative enactment.
- Taxable gains would be calculated using a weighted average purchase price and triggered even without converting to fiat currency.
- EPR deputy Olivia Grégoire filed an official correction saying she intended to vote against the measure despite being recorded in favor.
- The proposal still requires Senate review and budget reconciliation before becoming law, with Article 49.3 potentially allowing the government to decide which amendments to retain.
Sources · 6 sources
- BS
BSCN@BSCNewsPost on X ·
France imposes tax on crypto-stablecoin conversion French parliament passes legislation that will impose a 31.4% flat tax on cryptocurrency-to-stablecoin exchanges. This ends the tax-deferred policy that used to apply to on-chain rebalancing. Under the bill, exchanging digital assets for US dollars, euros, or tokens like $USDC, $USDT, and $EURC triggers a taxable event. Taxes are due immediately regardless of whether proceeds stay in self-custody wallets.
Open source - CO
CoinDesk@CoinDeskPost on X ·
NEW: French lawmakers narrowly approve a proposal to tax crypto-to-stablecoin swaps at 31.4% from January 2027, but the amendment still needs Senate approval and budget reconciliation before becoming law. https://t.co/1TE91qljcG
Open source - UN
UnchainedArticle ·
French Lawmakers Back Tax on Crypto-to-Stablecoin Swaps by a Single Vote France’s National Assembly voted on Oct. 16 to adopt an amendment to the 2027 finance bill that would make trading crypto for stablecoins a taxable event, according to the chamber’s official vote record. The tally was 38 in favor and 37 against , with 25 abstentions. The amendment, number 3898, was tabled by Nicolas Sansu of the GDR group. Of the 100 deputies who took part, 75 cast a vote, so the measure needed 38 votes for an absolute majority and got exactly 38, one more than the 37 against. The vote came at first reading, and the change is not law. Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter . What the Amendment Would Do Under current French rules, gains on crypto-to-crypto trades are deferred until the holder exits to euros. The amendment ends that deferral when the asset received is an e-money token as defined under MiCA , the EU’s crypto rulebook, a category that covers stablecoins such as USDC and EURC. Gains would be calculated from a weighted average purchase price rather than across the whole portfolio. A swap of that kind would be taxed as if the coins had been sold for euros, at France’s 31.4% flat tax , starting Jan. 1, 2027 . How Deputies Split Left-wing groups supplied most of the support, the record shows: 12 votes from La France Insoumise, nine from the Socialists, eight from the Ecologists and three from GDR. President Emmanuel Macron’s EPR group voted 12 to one against, and Rassemblement National cast 10 votes against while 25 of its deputies abstained. EPR deputy Olivia Grégoire , recorded as voting in favor, filed a correction saying she had meant to vote against. The record still lists the amendment as adopted. What Comes Next The finance committee had backed a similar text on Oct. 7, but two days later it rejected the bill’s whole revenue section, 31 to 3, so amendments had to be filed again for the floor. The Assembly scheduled a solemn vote on that revenue section for Oct. 20 and a review of the full bill set for Nov. 17, per Journal du Coin. The outcome of the Oct. 20 vote was not available at publication. The budget then goes to the Senate , and Cryptoast noted that if the government passes it under Article 49.3 of the constitution, it can choose which amendments to keep. Related Listen: Why Banks Failed to Kill Stablecoin Rewards in the Clarity Act The post French Lawmakers Back Tax on Crypto-to-Stablecoin Swaps by a Single Vote appeared first on Unchained .
Open source - CO
CoinMarketCap@CoinMarketCapPost on X ·
LATEST: 🇫🇷 France's National Assembly narrowly passed an amendment that would make swapping crypto for stablecoins a taxable event from 2027, even if holders never cash out to fiat. https://t.co/edvnVnogDk
Open source - CO
CoindeskArticle ·
France's parliament approves vote to hit stablecoin trades with 31% capital gains tax Amendment I-3898 removes tax deferral for MiCA-compliant stablecoins starting January 2027.
Open source - CR
CryptoSlateArticle ·
French MPs back crypto tax, and stablecoin swaps take the hit The October 16 first-reading votes advance a proposal covering MiCA e-money tokens, with a January 2027 start conditional on enactment. Read the full story on CryptoSlate Understand the crypto stories that matter and what to watch next. Get The Catalyst in your inbox
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