France’s parliament is moving to end the tax deferral that currently shields crypto-to-stablecoin swaps. An amendment adopted by a razor-thin 38-37 margin would apply a flat 31.4% levy from January 1, 2027, with consequences that could reach well beyond the stablecoin market, from DeFi activity to tax compliance.
🔑 Key Takeaways
- Amendment I-3898 passed 38 votes to 37, with 25 abstentions, in the National Assembly on October 16, 2026.
- Flat rate of 31.4%: 12.8% income tax plus 18.6% social charges.
- Scope limited to stablecoins classified as e-money tokens under the EU’s MiCA regulation.
- The bill still needs Senate review, with final adoption expected by December 31, 2026.
An Amendment That Ends the Tax Deferral on Stablecoin Swaps
On October 16, 2026, the National Assembly adopted amendment I-3898, tabled by lawmaker Nicolas Sansu and colleagues from the GDR group, as part of the 2027 finance bill. The text passed 38 votes to 37, with 25 abstentions, a result that underlines how fragile the majority is on the issue. Tax deferral refers to the mechanism that postpones tax on a capital gain until the gain is converted into euros or spent on goods or services.
The amendment would amend Article 150 VH bis of the French General Tax Code. Exchanges of cryptocurrencies for e-money tokens, as defined under the Markets in Crypto-Assets (MiCA) regulation, would become an immediately taxable event. The current treatment, which defers tax on swaps between cryptocurrencies, would therefore be removed for this asset category.
The rate would remain the existing flat-rate levy of 31.4%. Taxpayers could still opt for the progressive income tax scale, and the existing exemption for annual disposals below 305 euros would stay in place.
| Element | Current regime | Proposal I-3898 |
|---|---|---|
| Crypto-to-MiCA stablecoin swaps | Tax deferred | Immediately taxable |
| Applicable rate | 31.4% flat rate | 31.4% flat rate |
| Progressive scale option | Available | Retained |
| Exemption for annual disposals | Below 305 euros | Retained |
A Perimeter Defined by MiCA, Not by Face Value
The measure does not cover every token marketed as stable. It relies on the European definition of an e-money token set out in point 7 of Article 3(1) of Regulation (EU) 2023/1114, which targets stablecoins pegged to a single official currency. The criterion is therefore the regulatory category, not the mere euro face value of the token.
Under this reading, assets such as USDT, DAI and PAXG, which do not fall within that category, would stay outside the scope. The text also keeps e-commerce transactions settled in crypto exempt from capital gains, as well as swaps of Bitcoin and Ethereum into stablecoins pegged to the U.S. dollar or the euro, under certain conditions. The classification of each stablecoin will therefore determine the real tax base.
“Do you want more taxpayers declaring their assets, or a higher tax rate applied to an increasingly avoided base?”
François Volpoet, Chainalysis France
According to Chainalysis, the measure could push investors toward decentralized finance (DeFi), peer-to-peer transfers and platforms based outside international tax information-sharing agreements. Lawyer Lea Mastrolillo of the ORWL firm argues that crypto-to-stablecoin swaps are the most common operation in DeFi, and would prove as hard to report as they would be to monitor.
Taxable Gains and Disclosure of Self-Custodied Wallets
The amendment also redefines the taxable base. The current method, based on the acquisition cost and the value of the entire crypto portfolio, would be replaced by a calculation based on the sale price minus the acquisition cost of the assets sold. For the same cryptocurrency bought at different prices, the acquisition cost would be a weighted average.
For assets acquired before 2027, taxpayers would have two options: declare the acquisition cost of the specific assets sold, or add those assets to the holdings already owned on December 31, 2026 and declare a single global acquisition cost. That choice would be irrevocable, which requires careful planning of lot accounting.
Other amendments in the same bill focus more on holder oversight. Amendment I-CF821, backed by Charles de Courson and the Libertés, Indépendants, Outre-mer et Territoires (LIOT) group, would require disclosure of self-custodied wallets holding more than 100,000 euros on December 31, with penalties of up to 10,000 euros. It relies on a parliamentary inquiry finding that 3.5 billion euros of crypto gains were realised in 2021, compared with only 400 million euros of assets declared to the DGFiP that year.
Amendment I-CF1822, also tabled by Nicolas Sansu, would extend the French exit tax to unrealised crypto gains when the portfolio value exceeds 800,000 euros, for taxpayers moving their tax residence outside France from January 1, 2027.
By contrast, proposal I-CF798, drafted with the Association pour le Développement des Actifs Numériques (ADAN) and backed by lawmaker Daniel Labaronne, was rejected on October 16 by 18 votes to 75, with 3 abstentions. It would have allowed crypto losses to be carried forward or retroactively offset over a ten-year period.
| Amendment | Sponsor | Purpose | Status |
|---|---|---|---|
| I-3898 | Nicolas Sansu (GDR) | Tax on crypto-to-stablecoin swaps | Passed 38 to 37, 25 abstentions |
| I-CF821 | Charles de Courson (LIOT) | Disclosure of self-custodied wallets above 100,000 euros | Reviewed |
| I-CF1822 | Nicolas Sansu (GDR) | Exit tax on unrealised gains above 800,000 euros | Reviewed |
| I-CF798 | Daniel Labaronne (ADAN-backed) | Ten-year loss carryforward | Rejected 18 to 75, 3 abstentions |
Political Reactions, EU Framework and Compliance Data
Public Accounts Minister David Amiel opposed the amendment during the debates and asked for its withdrawal. In his words, lawmakers must first “define stablecoins”, then ensure the ability to monitor and trace reallocations within a portfolio of assets. He considers implementation too complex in its current form. Philippe Juvin, general rapporteur of the finance committee, also argued for keeping the tax deferral, citing the inherent volatility of cryptocurrencies.
At the EU level, the DAC8 regulation requires relevant service providers to report users and transactions from 2026, then to share tax information between member states from 2027. These reporting obligations do not, in themselves, constitute taxable events.
In France, Bull Bitcoin and Paymium challenged the national reporting rule before the Conseil d’État. On September 17, the top administrative court rejected their request for an interim suspension, while reserving its decision on the annulment appeal.
Available data remains partial. French tax statistics show that 368 million dollars of crypto gains were declared by about 24,000 taxpayers in 2024. Chainalysis, meanwhile, projects 9.4 billion dollars of taxes linked to crypto transactions in France for 2025. According to the source’s wording, this figure does not represent taxes genuinely owed but unpaid, and its interpretation remains delicate.
Outlook and Scenarios
The text still has several hurdles to clear. A vote on the first part of the 2027 finance bill is scheduled for October 20, followed by a vote on the full bill on November 17, with final adoption expected by December 31, 2026. Initially set for October 16, the vote on the revenue section was postponed, leaving the amendment’s fate open as it also faces the Senate.
Three scenarios stand out. In the first, the amendment is withdrawn or rewritten to clarify the stablecoin definition, and the deferral largely survives. In the second, it passes as drafted, making crypto-to-stablecoin swaps taxable immediately from 2027 and risking a shift toward DeFi and platforms outside cooperation frameworks. In the third, a compromise keeps the 31.4% rate while specifying the MiCA perimeter and reporting rules. For investors, the key variables remain the final wording, especially the stablecoin definition and the weighted-average cost rules.
Sources
Cet article est publié à titre informatif et éducatif. Il ne constitue en aucun cas un conseil en investissement. Faites vos propres recherches (DYOR) avant toute décision.
