The French government plans to tax as of 2027 the exchange of cryptocurrencies for stablecoins licensed under MiCA, such as USDC. Currently, selling bitcoin for USDC triggers no tax, as taxation only applies when converting back to euros. With the amendment, selling 10,000 euros from a portfolio worth 40,000 euros, bought for 10,000 euros, would generate 7,500 euros in taxable gains at approximately 30 %, amounting to over 2,200 euros, even if the money stays on the platform and even if the market declines afterward. Market neutral dollar strategies, which convert several times per month, would be particularly affected, as each spot sale would become a taxable event. The measure, adopted by the finance committee, still needs to pass through the National Assembly, the Senate, and possibly a joint committee before becoming law.
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