France’s National Assembly voted 38 to 37 on Friday to end the tax deferral on swaps from cryptocurrency into stablecoins starting January 1, 2027. Gains from these swaps will now fall under the 31.4% flat tax France has applied to crypto disposals since January. Deputy Nicolas Sansu, who filed amendment I-3898 to the 2027 budget bill, argued that converting to euros triggers the tax while converting to a stablecoin does not, calling it a gap in the law. Minister David Amiel opposed the amendment, saying France would first need to define stablecoins and build the ability to trace portfolio reallocations. The amendment is not yet law as the revenue section floor vote was postponed with 2,828 of 3,396 amendments still unexamined.
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