France Delays Budget Vote on Stablecoin Swap Tax to Nov. 3
France pushes the budget revenue vote to November 3
France's National Assembly has moved the vote on the revenue section of its 2027 budget to Nov. 3. The delay extends debate on a proposal that would tax gains when private investors swap crypto into single-currency stablecoins. A stablecoin is a crypto token designed to hold a steady value against a traditional currency.
The Assembly's current timetable sets further debate from Oct. 27 through Nov. 2 before that vote. It replaces the Oct. 20 date in the Assembly's earlier calendar, which The Defiant reported on Oct. 19.
The stablecoin measure remains Article 4 octies in the Assembly's provisional text dated Oct. 20, which covers deliberations through Oct. 19.
What the stablecoin provision would change
- If enacted, Article 4 octies would end tax deferral for qualifying swaps starting Jan. 1, 2027.
- Gains would fall under a regime with a default combined rate of 31.4%.
- The rule targets e-money tokens, or rights relating to them, using the definition in the European Union's Markets in Crypto-Assets regulation (MiCA). MiCA describes these as crypto-assets meant to keep a stable value against one official currency.
- The change would create a taxable gain while the investor still holds tokens, without first converting into conventional money. The levy would apply to gains, not the whole amount swapped.
- The provision also changes how gains are calculated, using the acquisition cost of the assets sold, with a weighted-average cost for units of the same asset bought at different prices.
The amendment passed by a single vote on Oct. 16
Deputies adopted the individual amendment, I-3898, on Oct. 16 by 38 votes to 37, with 25 abstentions. That was approval of the amendment only. It was not enactment of the tax or passage of the budget's revenue section.
Current tax rules and the default rate
Under current French tax-authority guidance, crypto-to-crypto exchanges without a cash adjustment benefit from tax deferral. Taxable gains from private investments face a default levy of 31.4% — 12.8% income tax plus 18.6% social contributions — with an option to choose the progressive income-tax scale.
What is confirmed
The Assembly's timetable now schedules the revenue-section vote for Nov. 3, with debate from Oct. 27 to Nov. 2. The Oct. 16 vote approved an amendment, not the tax itself. Article 4 octies remains in the provisional text.
What is still unclear
The stablecoin provision can still change before becoming law. Senate scrutiny and the rest of the parliamentary process remain before presidential promulgation. The Assembly's latest published calendar still schedules the full-budget vote for Nov. 17. Whether the measure becomes law, and in what final form, is not yet settled.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.
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