France Votes 31.4% Tax on Crypto-to-Stablecoin Swaps by a Single Vote
Author: Crypffalo Research · 19:55 20/10/2026
France's National Assembly adopted a 2027 budget amendment (38–37) taxing gains on crypto-to-stablecoin swaps at 31.4% from Jan 1, 2027. The measure is not law yet and still faces the Senate.
France has moved a step closer to taxing crypto-to-stablecoin swaps. On Oct 16, the National Assembly adopted amendment I-3898 to the 2027 budget bill by a razor-thin 38 votes to 37, with 25 abstentions.
If it survives the remaining stages, gains realized when swapping Bitcoin, Ether or other tokens into qualifying stablecoins would face France's 31.4% flat tax from Jan 1, 2027. CoinDesk reported the vote on Oct 20, and it is drawing attention across the European crypto industry.
Key takeaways
- What changes: Swapping crypto into MiCA-regulated e-money tokens (EMTs) would count as a taxable disposal.
- Rate: 31.4%, made up of 12.8% income tax and 18.6% social charges, applied to the gain rather than the full amount swapped.
- Vote: 38–37, a one-vote margin, with 25 abstentions.
- Start date: Transactions from Jan 1, 2027, if the measure survives.
- Status: Not law yet; Public Accounts Minister David Amiel asked for the amendment to be withdrawn.
What the amendment does
Under current French rules, crypto-to-crypto swaps with no cash component benefit from tax deferral. Investors only pay when they cash out to fiat or spend crypto on goods and services.
Amendment I-3898 was filed by lawmaker Nicolas Sansu (GDR group) and 15 co-signers. They describe the current deferral as "a hole in the legislation," since investors can lock in profits in stablecoins without triggering tax.
The text also changes how gains are calculated:
- It replaces the portfolio-wide method with one based on the acquisition cost of the assets sold.
- It uses a weighted average cost for units of the same token bought at different prices.
- It only covers MiCA e-money tokens (stablecoins pegged to a single fiat currency), not other token types.
A long road before it becomes law
The National Assembly's Finance Committee backed a similar proposal on Oct 7. But on Oct 9, the committee rejected the entire revenue section of the budget 31–3, so the crypto amendments had to be re-tabled on the floor.
A formal vote on the revenue section was scheduled for Oct 20 but has been postponed. According to LCP, 2,828 of 3,396 amendments were still unexamined late on Oct 16. Lawmakers must now turn to the social security budget, which has to be wrapped up by Oct 27.
Key dates:
- Oct 7: Finance Committee approves the stablecoin tax proposal.
- Oct 9: Committee rejects the revenue section (31–3); amendments must be re-tabled.
- Oct 16: Full Assembly adopts amendment I-3898 (38–37).
- Oct 20: Vote on the revenue section is postponed.
- Nov 17: 40-day deadline for the Assembly's first reading.
- Nov 20–Dec 9 (expected): Senate review.
Reactions in parliament were split. Minister Amiel said "we first need to define stablecoins" and flagged the difficulty of tracking portfolio reallocations. Finance committee rapporteur Philippe Juvin favored keeping the deferral, citing crypto's volatility.
What it means for crypto markets
In the short term, the measure mainly concerns French tax residents and has had no clear impact on prices. Bitcoin traded near $81,400 on Oct 20, down about 1.1% over 24 hours, pressured mostly by an AI stock selloff and Brent crude topping $111.
- Bull case: The amendment is dropped in later readings, given the one-vote margin and government opposition, and the deferral stays in place.
- Risk case: The tax survives, French stablecoin volumes shrink, and activity shifts to DeFi, peer-to-peer trading or offshore exchanges, as Chainalysis' François Volpoet warned.
France is one of the EU's larger crypto markets. If enacted, the rule could become a reference point for other member states weighing how to tax stablecoin trades.
What to watch next
- The rescheduled Assembly vote on the revenue section after Oct 27.
- Whether the government uses Article 49.3, which could strip out adopted amendments.
- Senate debate from around Nov 20 and the joint committee stage in mid-December.
- Market moves on our economic calendar and real-time liquidations pages.
Frequently Asked Questions
Is France's stablecoin tax already in force?
No. It is an amendment to the 2027 budget bill that still has to clear the Assembly and Senate, and it can be changed or removed.
Who would have to pay it?
Only French tax residents. Investors outside France are not covered by this rule.
Is the tax applied to the full swap amount or only the gain?
Only to the gain over the weighted average cost basis, at a 31.4% rate.
*This content is for information only and is not financial advice.*
Tags: Stablecoin, France, Crypto Tax, MiCA
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