French LawmakersBackTax onCrypto-to-Stablecoin Swaps byOne Vote
Assembly approvesamendmenttaxingstablecoin swaps
France's National Assembly voted 38-37 on Oct. 16,2026 to approve anamendment that would makeswaps into single-currency stablecoins taxable for private crypto investors. A stablecoin is adigital token designed to holda steadyvalue bytrackingoneofficial currency.
Themeasure, knownas Amendment I-3898 andpresentedby lawmaker Nicolas Sansu, would applyto disposalsand exchanges startingJan. 1, 2027. It is an adopted amendmentto the 2027 financebill, not enacted law. Thebill still needs further parliamentarywork, including Senate review,before thechange cantake effect.
What the amendment wouldchange
- Today, swappingone crypto assetfor another without addingcash isnottaxed rightaway; the tax is deferreduntil the investor cashes out.The amendment would endthat deferral whenthe investor receives a covered stablecoin.
- Thetax would apply evenifthe proceeds neverleave theblockchain,the sharedrecord-keeping network thatcryptotransactions run on.
- The default flat rateon private investors' cryptogains is 31.4%, made upof 12.8% incometax and 18.6%social levies. Thatrate applies to gains, not the fullvalue exchanged.
- Investors can stillchoose the progressive income-taxscale instead, andthe existing exemption for annual disposalproceeds of no more than 305 euros wouldremain.
Which tokens therulewouldcover
The amendmenttargets exchangeswherethe seller receives "electronic money tokens" asdefined bythe EU's Markets in Crypto-Assets regulation(MiCA), whichcoverscrypto-assetsthat seekastable value by referencing asingle official currency. Soitwould coversingle-currency stablecoins, not everytoken marketed as stable.
The wordingrelieson MiCA's asset definition rather thanrequiringtheissuer to be authorized. Swaps into other crypto-assetswould keep theirtaxdeferral as longas no cash adjustment is involved.
The proposalwould also change how thetaxable gain is calculated. Itwould use disposal proceeds minus the acquisitioncost of the assets sold, using aweighted-average acquisitioncost for thesame kind oftoken bought at different prices. Thiswouldreplace the current formula,which draws onthe acquisition cost and valueof the investor's entire crypto portfolio.
Thegovernment arguedagainst the measure
Public accounts minister DavidAmiel asked lawmakers to withdraw the measureduringthe debate, saying itwould be too complex toimplement in its current form. He calledfor more work on definingstablecoins and tracingreallocations within crypto portfolios. The Assemblyadopted theamendment anyway.
Sansu's explanatory statement arguesthat stablecoin conversions should lose theirtax deferral because thesetokens can be used for payments and furtherinvestments.Thatreasoningis the lawmaker's statedjustification, not anindependent finding.
Stillnot law, withvotesahead
The billisin its first Assembly reading. Furtherparliamentary consideration, Senatescrutiny, and final adoption and promulgation are allstill requiredbefore the change becomeslaw.
The Assembly's published budgetcalendar schedules a vote on thebill's first part forOct. 20 and a voteon the full bill for Nov.17.
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.