French Parliament Backs 31.4% Tax on Crypto-to-Stablecoin Swaps From 2027
Key points
- France's National Assembly adopted Amendment I-3898 on 16 October by 38 votes to 37, with 25 abstentions, as part of deliberations on the 2027 budget.
- The amendment would remove the existing tax deferral on crypto-to-stablecoin swaps, applying France's 31.4% capital gains rate to gains realised when investors move into MiCA-compliant e-money tokens from 1 January 2027.
- A second change within the amendment would replace France's portfolio-wide gain calculation with an acquisition-cost method using a weighted average per cryptocurrency.
- Public Accounts Minister David Amiel opposed the measure, citing unresolved questions about France's capacity to define and trace stablecoin reallocation, and asked for it to be withdrawn.
- Chainalysis' France regional sales director warned the levy could drive investors toward decentralised finance, peer-to-peer channels, and offshore exchanges outside international tax-reporting frameworks.
France’s National Assembly approved Amendment I-3898 on 16 October, removing the tax deferral that currently applies when investors swap cryptocurrency for MiCA-compliant stablecoins. The vote passed by the narrowest of margins, 38 to 37 with 25 abstentions, as part of the 2027 budget process. If it survives the remaining parliamentary stages, gains crystallised on moving into qualifying e-money tokens would attract France’s default 31.4% capital gains levy from 1 January 2027, even where no fiat currency is withdrawn to a bank account.
The amendment also proposes replacing France’s existing portfolio-wide capital gains calculation with an asset-specific method based on acquisition cost, using a weighted average for units of the same cryptocurrency acquired at different prices. That structural change would affect how taxable gains are computed across the board, not only for stablecoin swaps.
Opposition came from within government itself. Public Accounts Minister David Amiel questioned whether France currently has the tools to monitor and trace intra-portfolio reallocations, and called for the amendment to be withdrawn. The finance committee’s own rapporteur general, Philippe Juvin, said he preferred retaining the deferral given crypto’s price volatility. Francois Volpoet, Chainalysis’ regional sales director for France, told CoinDesk the measure could redirect trading activity toward decentralised finance platforms, peer-to-peer transactions, and offshore exchanges that sit outside international tax-reporting arrangements.
The proposal remains subject to further parliamentary debate and could still be amended or removed before enactment, making the January 2027 implementation date contingent rather than certain.