France Sets Nov. 3 Budget Revenue Vote as Stablecoin Tax Stays Pending

France’s National Assembly has scheduled a Nov. 3 vote on the revenue section of its 2027 budget, while a proposed tax on some crypto-to-stablecoin swaps remains within the bill under review.

The vote is on the revenue section as a whole, not a separate decision on the amendment. Lawmakers adopted the amendment Oct. 16 by 38 votes to 37, with 25 abstentions. That vote added the provision to the budget proposal but did not make it law.

The measure would end tax deferral when a holder exchanges crypto for an electronic money token, a European Union category that includes stablecoins tied to a single official currency. If enacted, it would apply to transactions beginning Jan. 1, 2027. A qualifying exchange could trigger tax on a gain even if the holder does not convert the proceeds to cash.

During debate, the French government raised questions about how to define stablecoins for tax purposes and track exchanges within crypto portfolios. The Assembly is scheduled to take up the revenue section on Nov. 3.