An amendment to France’s 2027 finance bill would make any conversion from cryptocurrency to a MiCA-regulated stablecoin a taxable event starting January 1, 2027, treating the sale of bitcoin for USDC as equivalent to a sale for euros. Only European electronic money tokens such as Circle’s USDC or Société Générale Forge’s EURCV would be affected, while Tether’s USDT would retain its status as a digital asset and continue to benefit from tax deferral. Chainalysis warns of a massive migration of French users toward non-EU platforms and DeFi protocols, escaping the European reporting obligations introduced by DAC8. The Finance Committee approved the text before rejecting the entire revenue section of the budget, requiring the measure to be re-filed and revoted in public session. The current tax rate stands at 31.4% upon conversion to euros, with tax deferral being one of the last fiscal arguments in favor of French platforms.
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