Frances National Assembly Finance Committee adopted amendment I-CF1826 on October 7, which would make swaps from cryptocurrency into MiCA-defined e-money tokens a taxable disposal even without a cash withdrawal. This measure would apply to transactions from January 1, 2027. An investor swapping Bitcoin costing 20,000 euros for 60,000 euros of USDC would recognize a 40,000-euro gain at the time of the swap. For holdings acquired before 2027, two options would coexist: the documented actual acquisition cost method or the irrevocable allocation of the portfolios acquisition price as of December 31, 2026. Crypto losses could still not be carried forward to subsequent years or used to offset gains on other assets.
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