The French National Assembly adopted on October 16 the amendment I-3898, which now subjects the conversion of cryptocurrencies into MiCA-compliant stablecoins to capital gains tax, closing a legislative loophole. A flat tax of 31.4% will apply from the conversion, just like for a sale in euros, with an intended effective date of January 1, 2027, subject to completing the legislative process. The amendment modifies Article 150 VH bis of the General Tax Code and will lock in the acquisition price of tokens received. Only USDT would escape this taxation, raising concerns about volume shifting to unregulated channels. The text must still pass the final vote on October 20 and then go through Senate review.
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