France’s National Assembly Votes 38 to 37 to Tax Crypto-to-Stablecoin Swaps From 2027

Deputies passed the stablecoin swap tax at exactly the absolute majority of 38, then rejected a 10-year loss carryforward 75 to 18 in the same sitting. France’s National Assembly voted 38 to 37 on Friday to end the tax deferral on swaps from crypto into stablecoins, starting January 1, 2027. That vote adopted amendment I-3898 to the 2027 budget bill, with 25 abstentions among 100 votes cast. The amendment targets the deferral that lets a crypto-to-crypto trade postpone any gain until the investor sells for euros or spends the coins. It removes that deferral when the investor receives an e-money token, as defined in Article 3 of the Markets in Crypto-Assets Regulation (MiCA). Gains on those swaps would then fall under the 31.4% flat tax France has applied to crypto disposals since January. That definition covers a token pegged to one official currency and says nothing about whether the issuer holds an EU authorization. Circle’s USDC is the first such token classified as significant under MiCA. Government Asked for Withdrawal Nicolas Sansu, a deputy from the Democratic and Republican Left group, filed the amendment on October 10, after the finance committee backed the same text on Oc...