France’s National Assembly voted on Friday, Oct. 16, to make swapping crypto into euro- or dollar-pegged stablecoins a taxable event starting Jan. 1, 2027. The margin was one vote, and the measure is still a long way from becoming law.
Amendment I-3898 to the 2027 finance bill, tabled by Nicolas Sansu of the Democratic and Republican Left group, passed 38 to 37 with 25 abstentions, according to the Assembly’s record of public vote no. 8836. One hundred of the chamber’s 577 deputies took part.
What the amendment does
Under current French rules, trading one crypto-asset for another doesn’t trigger tax. The bill comes due when a holder sells for euros or spends. The amendment removes that deferral for swaps that end in “e-money tokens” as defined by the EU’s MiCA regulation, the category that covers single-currency stablecoins such as USDC and EURC. Those gains would fall under France’s existing flat tax on crypto gains. The amendment itself sets no rate; French outlets including Journal du Coin put that tax at 31.4%. The text also changes how gains are counted, using the cost of the specific assets sold rather than France’s current whole-portfolio formula.
The government opposed it
Public accounts minister David Amiel asked deputies to withdraw the amendment, telling them that “as things stand, implementing this measure would be too complex,” according to the official record of the sitting. He said stablecoins would first need a clear definition and the tax administration would need a way to trace reallocations inside a portfolio. The finance committee had adopted the measure, although its rapporteur général, Philippe Juvin, said on the floor that he personally considers the current deferral justified given crypto’s volatility.
What happens next
The timeline is less settled than several reports suggest. The Assembly’s official agenda, last set by its Conference of Presidents on Oct. 13, still lists a solemn vote on the revenue half of the budget for Tuesday afternoon. But LCP, the Assembly’s own broadcaster, reported Monday that 2,828 of the 3,396 amendments filed remain to be debated and that the vote can’t take place as planned. According to LCP, deputies will resume the revenue section after the social-security budget debate. LCP added that, with no majority in the chamber, the revenue section is more than likely to be rejected. Either way, the bill then goes to the Senate, which can strip the amendment, and a government using Article 49.3 can choose which amendments to keep.
Hardwire’s Easton argued last week, before the floor vote, that it would tax people for using the very stablecoins Europe’s rules steer them toward.
What it means for holders
For holders in France, nothing changes before 2027, and the measure may not survive the process. The amendment names no specific tokens. Several French outlets say it would not reach USDT, which is not authorized under MiCA, but tax authorities have not issued guidance.
This is a news report on proposed legislation, not tax advice.
Sources: Assemblée nationale (vote record); Assemblée nationale (amendment I-3898); Assemblée nationale (transcript); LCP; Journal du Coin