- French lawmakers approved amendment I-3898 by 38 votes to 37 with 25 abstentions on Oct. 16.
- The proposal would tax crypto-to-stablecoin swaps at the 31.4% capital gains rate from Jan. 1 2027.
- Critics said the measure could push traders toward DeFi platforms peer-to-peer deals and offshore exchanges.
France stablecoin tax plans moved forward after the National Assembly adopted amendment I-3898 as part of the 2027 budget process. The measure would remove the current tax deferral for certain crypto-to-crypto transactions when investors receive MiCA-compliant stablecoins, making gains taxable even if no fiat is withdrawn to a bank account. Lawmakers approved the vote on Oct. 16 by a margin of 38 to 37, with 25 abstentions, after the finance committee had already backed the proposal. The France stablecoin tax change would apply from Jan. 1, 2027, but it still faces the remaining parliamentary stages and could yet be changed or removed before becoming law.
France stablecoin tax vote in parliament
The National Assembly narrowly approved the amendment by one vote, advancing a proposal that would bring crypto-to-stablecoin swaps under France’s 31.4% capital gains levy. The vote total was 38 in favor and 37 against, with 25 lawmakers abstaining. This step followed earlier approval by the finance committee.
The proposal has not yet completed the full legislative process. It remains part of the 2027 budget and still has to pass through the remaining parliamentary stages. Until that process is complete, the text can still be revised or removed before it becomes law.
What the France stablecoin tax would change
Under current French tax rules, exchanges between crypto assets generally benefit from tax deferral when there is no additional cash payment. Private investment gains are normally taxed at a default rate of 31.4%, although investors may choose the progressive income-tax scale instead.
Amendment I-3898 would end that deferral when investors receive e-money tokens as defined by the European Union’s Markets in Crypto-Assets framework. In practice, this means investors could owe tax on gains when moving into qualifying stablecoins, even if the funds have not been converted into fiat currency or withdrawn to a bank account.
Concerns over implementation and trading impact
The proposal drew criticism during the debate and from market participants. Public Accounts Minister David Amiel questioned how the rule could be applied in practice and asked for the amendment to be withdrawn. He said lawmakers first need to define stablecoins and then make sure authorities can monitor and trace reallocations within a portfolio of assets.
Philippe Juvin, the finance committee’s rapporteur general, said he preferred to keep the tax deferral because of crypto’s volatility. Separately, Francois Volpoet, Chainalysis’ regional sales director for France, warned last week that the measure could encourage investors to use decentralized finance platforms, peer-to-peer transactions, and offshore exchanges outside international tax-reporting arrangements.
Other tax changes in the proposal
The text would also adjust how capital gains are calculated in France for these assets. Instead of using a portfolio-wide capital-gains calculation, it would move to a method based on the acquisition cost of the assets sold.
For units of the same cryptocurrency bought at different prices, the proposal would use a weighted average approach. This part of the text sits alongside the stablecoin measure in the broader budget amendment that lawmakers advanced in the Oct. 16 vote.
Conclusion
The France stablecoin tax proposal advanced by a very narrow vote in the National Assembly, marking another step in France’s 2027 budget process. If adopted in its final form, amendment I-3898 would remove tax deferral for swaps into MiCA-defined e-money tokens and apply the 31.4% capital gains rate from Jan. 1, 2027. The measure has already prompted warnings about enforcement challenges and possible changes in trader behavior, while some officials and lawmakers have argued for keeping the current deferral. Even after this vote, the France stablecoin tax plan is not final and can still be amended or dropped before becoming law.
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