France's National Assembly has narrowly adopted an amendment to the 2027 budget that would change the tax treatment of cryptocurrency conversions into stablecoins. The vote passed 38 to 37, with 25 abstentions.
The amendment, introduced by Nicolas Sansu as Amendment No. 3898, seeks to eliminate the existing tax deferral on conversions from cryptocurrencies to stablecoins. Under current tax rules, exchanges between cryptoassets generally do not immediately trigger capital-gains liability in the same way that converting to fiat currency or making purchases does.
Stablecoins occupy a gray area in this framework. While they are themselves cryptoassets, they are designed to track the value of fiat currencies such as the euro or dollar. The amendment would narrow this tax advantage by treating stablecoin conversions similarly to cash-outs into ordinary currency.
Sansu argued that switching from a volatile cryptoasset into a fiat-linked stablecoin should not receive different tax treatment than converting directly into euros or dollars.
Status remains uncertain. An adopted amendment is not yet law. The budget process must clear additional parliamentary stages, and the final wording could change before any legislation takes effect. French crypto holders should monitor the proposal's progress rather than adjust past tax filings based on the current vote.
The narrow margin reflects Parliament's close attention to how tax rules apply at the intersection of cryptocurrency trading and taxable cash-outs.
