France's Assembly Backs Tax on Some Crypto-to-Stablecoin Swaps

France’s National Assembly narrowly approved a proposal to tax gains on swaps from crypto assets into certain electronic-money tokens from 2027, even when investors do not cash out to euros.

The amendment passed Oct. 16 by 38 votes for, 37 against and 25 abstentions. The amendment applies when a taxpayer swaps crypto assets for a token classified as electronic money under MiCA. The category includes tokens that reference the value of one official currency.

If enacted, the change would apply to transactions from Jan. 1, 2027. French tax rules currently defer tax on certain exchanges between crypto assets when no additional payment is made. The proposal would end that deferral for swaps into covered tokens, potentially triggering tax before a later conversion to euros.

The amendment is part of the draft 2027 Finance Bill and is not yet law. The Assembly is scheduled to vote on the bill’s first part Tuesday, Oct. 20.