TLDR
- France’s National Assembly adopted amendment I-3898 to the 2027 budget on Oct. 16 by 38 votes to 37.
- From Jan. 1, 2027, swapping Bitcoin or Ether into MiCA e-money tokens would trigger tax on the gain.
- Gains would face France’s 31.4% flat levy, and the amendment also changes how crypto gains are calculated.
- Public Accounts Minister David Amiel opposed the measure and said the stablecoin scope needs work.
- The budget still faces a vote on Oct. 20, the Senate and a possible use of article 49.3.
French lawmakers have narrowly approved a plan to tax crypto swaps into some stablecoins. The National Assembly adopted amendment I-3898 to the 2027 budget on Oct. 16 by 38 votes to 37, with 25 abstentions.
BREAKING: 🇫🇷France officially approves a proposed 31.4% tax on gains from certain crypto-to-stablecoin swaps starting 2027. https://t.co/eMiGzEwrSa pic.twitter.com/wtLBfsfXUU
— Coin Bureau (@coinbureau) October 20, 2026
If it becomes law, the rule would start on Jan. 1, 2027. A French investor who swaps Bitcoin or Ether into a euro or dollar e-money token would owe tax on the gain at that moment.
What the amendment changes
Since 2019, French individuals have paid no tax when swapping one crypto asset for another. Tax is due only when they sell for euros or pay for goods and services.
The amendment removes that deferral for e-money tokens as defined by the EU’s MiCA law. These are stablecoins tied to the value of one official currency.
No token is named. Press coverage has pointed to USDC and EURC as examples, since both are issued under MiCA by Circle’s French unit.
The amendment sets no new rate. Gains would face the 31.4% flat levy, made up of 12.8% income tax and 18.6% social charges.
The text would also change how gains are calculated. France now uses a portfolio-wide formula, but the amendment would use the cost of the assets actually sold.
French news site Coindaro gave an example. In a portfolio with one Bitcoin bought at 30,000 euros and ten Ether bought at 40,000 euros, selling the Bitcoin for 60,000 euros gives a 7,500 euro gain now. Under the new method, it would be 30,000 euros.
Reaction and next steps
Nicolas Sansu and 16 other deputies tabled the amendment on Oct. 10. They say it closes a hole in the law and note that the United Kingdom and Italy have moved in this direction.
Amiel asked for the amendment to be withdrawn. He said France must first define stablecoins and be able to trace reallocations within a portfolio.
Finance committee rapporteur Philippe Juvin said he favored keeping the deferral because of crypto’s volatility. Chainalysis’ François Volpoet told CoinDesk some investors could move to decentralized finance, peer-to-peer deals or offshore exchanges.
Questions remain about Tether’s USDT. It is tied to one currency but is not authorized under MiCA, and French commentators are split on whether it would be covered.
On Oct. 14, the European Banking Authority ranked USDC as a top-tier token, the first of 45 notified e-money tokens to reach that level. From Nov. 12, it will supervise USDC’s reserves and liquidity.
The budget bill still has several steps left. The Senate can change or delete the measure, and the government can use article 49.3 to adopt the budget without a vote.
In November 2024, the Assembly rejected the revenue part of the 2025 budget by 362 votes to 192. That removed the deputies’ changes, and the same could happen to this amendment.
A vote on the revenue half of the 2027 budget was scheduled for Tuesday, Oct. 20. If it is rejected, the stablecoin tax falls for now.
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