France Advances Stablecoin Swap Tax by One Vote
France’s National Assembly has narrowly advanced a proposal to tax crypto-to-stablecoin swaps, with 38 votes in favour, 37 against and 25 abstentions. The amendment to the 2027 budget, tabled by Nicolas Sansu, is not law and must clear further budget votes and Senate review. The government opposed it and could use Article 49.3 to pass the budget while deciding which amendments to retain.
If enacted, the stablecoin tax would apply from 1 January 2027. Swapping crypto into MiCA-defined e-money tokens pegged to a single official currency, such as USDC or EURC, would be treated as a disposal, ending the current deferral of tax on crypto-to-crypto trades until conversion to euros or spending. Gains would be taxed at France’s 31.4% flat rate, with acquisition costs calculated using a weighted average method.
Supporters say stablecoin swaps can let gains escape taxation; the proposal’s narrow vote and uncertain path mean it is not an immediate market catalyst. A separate, industry-criticised proposal would require year-end reporting of self-custodied crypto holdings worth at least €100,000. Both measures remain subject to the wider budget process.
Neutral
The proposal does not directly change the operation or supply of USDC, EURC, or another specific cryptocurrency, and it is not yet law. Its narrow passage and the remaining budget and Senate stages limit the likelihood of an immediate price response. Traders may nevertheless monitor stablecoin flows and French trading activity for any early response to the prospect of taxable conversions.
In the short term, the vote is unlikely to drive a broad market move; reactions are more likely to centre on regulatory uncertainty than on token fundamentals. If enacted, the 2027 tax could raise the cost of swapping crypto into covered stablecoins for French residents and may affect local trading volumes or encourage changes in how traders manage taxable gains. Those effects would be jurisdiction-specific and gradual, rather than a clear directional catalyst for the stablecoins themselves. The separate self-custody reporting proposal adds regulatory uncertainty but also remains subject to the budget process.