France's plan to tax swaps from crypto into single-currency stablecoins now has a new parliamentary date: the budget vote tied to the measure has been moved to November 3, according to reports. The proposal is not yet law and still faces further parliamentary votes.
The measure, known as amendment I-3898 to France's 2027 budget, would end tax deferral on gains from swaps into single-currency stablecoins starting in January 2027. The National Assembly approved the amendment on October 16, 2026, by a vote of 38 to 37, with 25 deputies abstaining. Only about 100 of the 577 deputies took part in the key vote.
What the amendment covers
The amendment targets electronic money tokens, a category defined under the EU's Markets in Crypto-Assets regulation, known as MiCA. Electronic money tokens are stablecoins pegged to a single official currency. The text does not name individual stablecoins; it applies to the entire MiCA-defined category.
Under current French rules, tax on crypto-to-crypto exchanges is generally deferred. The tax bill typically comes due only when a holder converts to fiat currency or uses crypto to make a purchase. The amendment would remove that deferral for single-currency stablecoins, treating a swap into one much like cashing out from the tax authority's perspective.
The 31.4% rate
If enacted, swaps into these tokens would count as taxable events from January 1, 2027. Gains would be subject to France's existing flat tax rate of 31.4%, which consists of 12.8% in income tax and 18.6% in social contributions.
The French government has voiced reservations about the measure, with concerns centered on implementation and the difficulty of tracking these transactions. A rule that is hard to enforce could create complications for exchanges, tax advisers and individual filers.
What comes next
The October vote was a first step rather than a final decision. The measure still has to pass additional parliamentary stages, including a solemn vote on the budget's revenue section. The budget vote has been moved to November 3, while a full Assembly vote has been scheduled for November 17, 2026.
The stablecoin swap tax is not the only crypto-related item in play. Proposed reforms may include new taxes on large crypto holdings and mandatory reporting for self-custodial wallets. A loss carryforward provision that would have allowed traders to offset future gains with past losses was rejected.
For French crypto investors, the immediate issue is strategy. If swapping into a stablecoin becomes a taxable event, rotating into a pegged token would no longer be tax-neutral, and each move into a single-currency stablecoin could carry a 31.4% bill on any gain. With the first round decided 38 to 37, attendance alone could prove decisive in the coming votes.
