France’s National Assembly voted 38–37 on Oct. 16 to make swaps into single-currency stablecoins taxable for private crypto investors, advancing a proposal that would trigger capital gains taxation without a cash-out into traditional currency.
Amendment I-3898, presented by lawmaker Nicolas Sansu, would apply to disposals and exchanges from Jan. 1, 2027. It is an adopted amendment to the 2027 finance bill, not enacted law.
Under current French tax rules, crypto-to-crypto exchanges without a cash adjustment benefit from tax deferral. The amendment would remove that treatment when an investor receives a covered stablecoin, bringing forward the taxable event even if the proceeds remain onchain.
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The tax authority lists the default flat rate on private investors’ crypto gains as 31.4%, comprising 12.8% income tax and 18.6% social levies. That rate applies to gains, not the full value exchanged. Investors can instead elect the progressive income-tax scale, and the existing exemption for annual disposal proceeds of no more than 305 euros would remain.
Single-Currency Tokens Are the Target
The amendment specifically targets exchanges in which the seller receives “electronic money tokens” as defined by Article 3 of the EU’s Markets in Crypto-Assets regulation, or related rights. MiCA defines those tokens as crypto-assets that seek to maintain a stable value by referencing one official currency.
The wording therefore covers single-currency stablecoins, not every token marketed as stable. It uses MiCA’s asset definition rather than making an issuer’s authorization a condition. Exchanges into other crypto-assets would retain deferral when no cash adjustment is involved.
The proposal also changes the calculation of taxable gains. It would use disposal proceeds minus the acquisition cost of the assets sold, with a weighted-average acquisition cost for tokens of the same kind bought at different prices. That would replace the current formula, which draws on the acquisition cost and value of the investor’s entire crypto portfolio.
Government Opposes the Change
Sansu’s explanatory statement argues that stablecoin conversions should lose their deferral because the tokens can be used for payments and further investments.
During the debate, public accounts minister David Amiel asked lawmakers to withdraw the measure, saying implementation would be too complex in its current form. He called for more work on defining stablecoins and tracing reallocations within crypto portfolios. The Assembly nevertheless adopted it.
The bill remains in its first Assembly reading. Further parliamentary consideration, including Senate scrutiny, and final adoption and promulgation are still required before the change can become law.
The Assembly’s published budget calendar schedules a vote on the bill’s first part for Oct. 20 and a vote on the full bill for Nov. 17.