France Committee Advances Tax on Certain Crypto-to-Stablecoin Swaps

France’s National Assembly Finance Committee advanced a proposal to tax some crypto-to-stablecoin transactions, changing when traders may owe tax if the measure becomes law.

Adopted Oct. 7 as part of France’s proposed 2027 budget, the amendment would end tax deferral for disposals and exchanges in which the seller receives an electronic money token. That category includes some stablecoins regulated under European Union rules.

The change would apply to transactions beginning Jan. 1, 2027. The amendment remains a proposal and has not passed the full National Assembly.

Chainalysis France lead François Volpoet warned that the measure could push crypto activity toward less transparent venues. The amendment must return to the National Assembly, where lawmakers could revise or reject it.