French crypto holders may soon lose one of their most useful tax shelters. On 16 October 2026, during the first reading of the 2027 finance bill, the National Assembly adopted an amendment that would treat swapping cryptocurrency into a regulated stablecoin as a taxable moment. The proposal, numbered I-3898 and sponsored by deputy Nicolas Sansu, had already scraped through its committee stage on 7 October by the narrowest possible margin: 38 votes to 37.
What the amendment would change
Under the rules in force today, moving between cryptocurrencies is a tax-free rotation. Selling Bitcoin for another token, or parking a position in a stablecoin, triggers no immediate tax bill; the gain is only counted when the holder finally cashes out into euros or another fiat currency. The amendment targets one specific destination: stablecoins that qualify as “electronic money tokens” under the EU’s MiCA framework. If it becomes law, swapping into such a token from 1 January 2027 would count as a disposal, taxed at France’s existing 31.4% flat rate — though no euros have reached a bank account.
Why lawmakers want the change
Supporters describe the current treatment as a hole in the legislation. In their view, a regulated stablecoin behaves like money itself: it can be spent, transferred or swapped back into other assets at any time, so letting investors defer tax indefinitely while sitting in what is effectively digital cash feels inconsistent. The measure is also about timing rather than a new rate — the 31.4% figure already applies to French crypto gains cashed out to fiat.
What it would mean in practice
- Rotating a winning position into a regulated stablecoin to “lock in” gains would create an immediate tax bill.
- Traders would need records of the euro value of both assets at the moment of every swap.
- Gains made before 2027 raise awkward cost-basis questions that detailed guidance would need to settle.
Important: this is a proposal, not law
Nothing has changed for French taxpayers today. A finance bill passes through several readings, committee revisions and a final vote before it applies, and amendments adopted at first reading can be rewritten or dropped along the way. The one-vote margin shows how contested this idea remains. French holders should follow the budget debate rather than act in haste — and anyone with significant positions should take professional tax advice before the rules are final.
