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France has not passed a tax on stablecoin swaps. On October 7, 2026, the National Assembly’s Finance Committee approved an amendment to the 2027 budget bill that would end tax deferral for certain crypto exchanges where the recipient receives an electronic-money token as defined by EU law. The proposal would apply from January 1, 2027, if enacted in its current form.
What the committee-approved amendment would change
Amendment I-CF1826, filed by deputy Nicolas Sansu, would change Article 150 VH bis of France’s General Tax Code. Under the proposed text, the tax deferral would no longer apply when someone disposes of a crypto-asset and receives an electronic-money token, or rights relating to such a token. The amendment refers to the category defined in Article 3(1)(7) of the EU’s MiCA regulation.
That legal wording matters: the proposal does not name particular coins, and a token’s common description as a “stablecoin” does not by itself establish that it falls within the amendment’s scope. The text uses MiCA’s electronic-money-token category.
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The amendment does not set a new tax rate. It proposes changing which exchange can trigger taxation and how acquisition costs for certain existing holdings would be determined.
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Has France passed the stablecoin tax?
No. The Finance Committee adopted the amendment on October 7, but it was not enacted law as of October 11, 2026. Two days later, the committee rejected the budget’s revenue section by 31 votes to 3. Decrypt reported that the committee amendments consequently did not carry into the government’s original text. Debate in the full National Assembly was scheduled to begin October 13, with a vote scheduled for October 20; both were still in the future as of October 11.
A committee vote is not the same as approval by the full Assembly, Senate consideration, or final enactment. The proposal’s prospects were therefore uncertain at that point. Its proposed January 1, 2027 start date should not be treated as an effective date unless the measure becomes law.
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Would swapping Bitcoin for USDC be taxable in France now?
This amendment alone does not change current law: it was a proposal, not an enacted rule. If enacted in its current form, it would remove tax deferral for a disposal in which the person receives a qualifying MiCA-defined electronic-money token. Whether a particular token qualifies cannot be determined from the everyday label “stablecoin” alone.
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Random freezes, missing sound and display glitches usually trace back to one bad driver. Find and replace yours safely.Free scan · under a minuteThe amendment’s explanatory statement says that gains from converting crypto-assets into fiat-backed stablecoins are currently untaxed because of a gap in the legislation. That is the sponsors’ stated rationale, not an independent ruling on how current law applies to every crypto-to-stablecoin transaction.
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How the proposal would treat acquisition costs
For crypto-assets acquired before January 1, 2027, the amendment gives two possible ways to establish acquisition cost if the proposal takes effect:
- Documented actual cost: use the actual acquisition cost for each asset, supported by records.
- Portfolio allocation: allocate the portfolio’s total acquisition cost as of December 31, 2026, among the assets held at that time in proportion to their value.
The allocation method would be an irrevocable election for the whole portfolio when first used on a tax return reporting a taxable disposal after January 1, 2027. The text therefore proposes a transition rule as well as a change to the taxable event; it does not simply declare a rate for every stablecoin exchange.
Why the amendment’s sponsors support it
The explanatory statement argues that fiat-backed stablecoins can serve as investment vehicles, including as a way to pay crypto service providers or acquire other crypto-assets. On that basis, the sponsors say the existing deferral is unjustified. Those points describe the proponents’ case for the amendment, rather than a finding adopted as law.
The GDR parliamentary group reported an estimated yield of €1.5 billion for the measure. The estimate has no stated time period and is the group’s projection, not a confirmed or independently established revenue figure.
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The key question is whether the measure advances through the budget process and what wording, if any, survives. Any later version should be checked for its qualifying token category, the exchange that triggers realization, the acquisition-cost rules for pre-2027 holdings, the effective date, and its actual legislative status. The committee’s October 7 approval by itself does not answer those questions for a final law.
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