French Assembly Approves Stablecoin Swap Tax by One Vote

Highlights

France’s National Assembly adopted an amendment to the 2027 budget by a margin of one vote. It would treat exchanges of cryptocurrency for MiCA-regulated stablecoins as taxable sales from January 1, 2027. Of 100 deputies who participated, 38 voted in favor, 37 opposed the measure and 25 abstained. The proposal would calculate gains using the value of stablecoins received and the cost basis of the crypto surrendered, under France’s flat tax. The amendment is not yet law: it remains subject to the broader budget process. Separate proposals on crypto holdings and reporting obligations have also prompted debate.

Sentiment Analysis

• Overall tone: The article is primarily neutral and procedural. It reports the close vote, explains the proposed tax treatment and outlines the remaining legislative steps without presenting the change as final.


• Policy implications: The proposal is framed as a significant change for French crypto holders because certain swaps that currently do not trigger tax could be treated as sales. The article also explains the proposed method for calculating gains and the relevant tax rate.


• Competing views: Supporters say stablecoins can function as investment vehicles and that the law contains a gap. The government raises concerns about defining stablecoins and tracing portfolio reallocations. The reporting requirement has attracted criticism from crypto figures citing security risks.


• Sentiment balance: The account presents arguments from lawmakers, the government and industry critics. Its emphasis on the narrow vote and unresolved budget process conveys uncertainty rather than a clear endorsement or rejection.

Article Text

France’s National Assembly has approved an amendment that would change the tax treatment of some cryptocurrency transactions, with the measure passing by a single vote. The amendment concerns swaps from cryptocurrencies into electronic money tokens regulated under the European Union’s Markets in Crypto-Assets framework, known as MiCA. These tokens include stablecoins pegged to a single official currency. The proposal is part of debate on France’s 2027 budget and still has to pass through the remaining legislative process.

The vote took place on Friday. A total of 100 deputies participated: 38 voted for amendment I-3898, 37 voted against it and 25 abstained. There were 75 votes cast for or against the proposal, and 38 affirmative votes were needed for a majority. The result revived a measure that had previously been included in a finance committee text that was rejected as part of the budget proceedings.

Under the current approach described in the proposal, French residents can generally exchange one cryptocurrency for another without an immediate tax bill, provided that no euros are received. Tax is due when assets are cashed out or spent. The amendment would create an exception for exchanges that result in MiCA-regulated electronic money tokens. If adopted, those transactions would count as sales from January 1, 2027.

For a taxable swap, the gain would be calculated by subtracting the acquisition cost of the cryptocurrency surrendered from the value of the stablecoins received. The gain would then be subject to France’s flat tax. The source reports that this rate rose from 30% to 31.4% after France’s 2026 social security financing law increased social charges on capital income from 17.2% to 18.6%.

The amendment also proposes changing how the acquisition cost is established. Rather than using one overall cost figure for an entire portfolio, each cryptocurrency sold would have an individual purchase price. Where the same coin had been acquired more than once, its cost would be averaged. For assets acquired before 2027, holders would make a one-time, irrevocable election: document the actual purchase cost of each asset, or allocate the portfolio’s total cost across the assets held on December 31, 2026.

The proposal’s authors are led by Nicolas Sansu of the left-wing GDR group. They argue that stablecoins may serve as conventional investment vehicles, including as a means of paying crypto service providers or buying other tokens. In their view, gains can currently be moved into stablecoins without triggering the flat tax, creating what they describe as a legislative gap. They also point to the United Kingdom and Italy, which they say have adopted similar rules.

The government opposed the amendment. Public Accounts Minister David Amiel asked lawmakers to withdraw it, arguing that stablecoins first need a legal definition. He also said the state must be able to trace reallocations within investment portfolios, according to CoinDesk’s report cited in the source article. The disagreement reflects different priorities: supporters focus on the tax treatment of gains, while the government emphasizes definitions and the ability to monitor transactions.

The stablecoin proposal is one part of a wider discussion about crypto taxation in France. Earlier in the month, the Assembly’s finance committee had backed Sansu’s amendment, as well as a separate proposal to extend the country’s exit tax to crypto held by households worth more than €800,000. The committee later rejected the budget’s entire revenue section by 31 votes to 3. That rejection returned the floor debate to the government’s original text and meant the stablecoin measure had to be tabled again.

A separate committee amendment would require holders to declare self-custodied cryptocurrency worth €100,000 ($112,000) or more at year-end. It proposes fines of up to €10,000 for failing to report qualifying holdings. The plan has drawn criticism from crypto figures concerned that collecting this information could expose holders to security threats. Their objections cite a series of crypto-related kidnappings in France, including the 2025 abduction and mutilation of Ledger co-founder David Balland.

Neither the stablecoin tax amendment nor the other proposals described has become law. The National Assembly is scheduled to vote on the full revenue section on Tuesday. The budget would then move to the Senate. The eventual outcome will depend on the remaining stages of consideration, so the one-vote result marks a step in the process rather than a final change to French tax rules.

Key Insights Table