The French National Assembly is considering amendment I-3898 to the 2027 budget, which proposes ending tax deferral on crypto-to-stablecoin swaps. On October 16, 2026, the measure passed an initial vote with 38 votes in favor and 37 against, with approximately 100 deputies participating.
If enacted, the change would take effect on January 1, 2027. Swaps into single-currency stablecoins, categorized as electronic money tokens under MiCA, would be treated as taxable events. Gains would be subject to a 31.4% flat tax, consisting of 12.8% income tax and 18.6% social contributions.
The French government has expressed concerns regarding the technical implementation and tracking of these transactions. Meanwhile, a proposal to allow loss carryforwards for traders was rejected, and further discussions may include potential taxes on large holdings and reporting requirements for self-custodial wallets.
The budget vote is scheduled for November 3, 2026, followed by a full Assembly vote on November 17, 2026. The legislation is not yet final and requires further parliamentary approval.
