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ZEC $1,343 France's parliament backs 31.4% tax on crypto to stablecoin swaps
The National Assembly approved amendment I-3898 by one vote, but the measure still needs the full budget process before it can apply in 2027.
Key takeaways
- One vote decided it. The amendment passed 38 to 37, with 25 abstentions and only 100 of 577 deputies voting.
- The rate is 31.4%. Swaps into qualifying stablecoins would face France's 31.4% flat rate from January 1, 2027.
- It is not law yet. The Senate still reviews the budget, and 2,828 amendments were pending when the tax vote slipped to November 3.
What happened
France's National Assembly approved amendment I-3898 on October 16, according to official voting results. The count was 38 for, 37 against and 25 abstaining. The proposal would tax cryptocurrency conversions into qualifying stablecoins at 31.4% from 2027, but it still awaits final legislative approval.
The amendment targets electronic money tokens covered by Europe's MiCA regulation. Under current rules, swaps between cryptocurrencies without cash do not trigger the tax. If Parliament approves the budget, the change would take effect on January 1, 2027.
The text also changes how gains are calculated. It would compare sale proceeds with acquisition cost, and use a weighted-average cost for identical cryptocurrencies bought at different prices. Separate reporting rules were discussed for self-custody wallets above EUR 100,000, with fines up to EUR 10,000.
Why it matters
Stablecoins are where some French traders hold gains between trades. The industry body Adan opposed the tax and warned it could push users toward dollar coins and away from regulated euro tokens. Chainalysis executive François Volpoet said the rule could push investors toward decentralized exchanges and offshore platforms.
The vote was narrow and contested. Public Accounts Minister David Amiel asked for the amendment to be withdrawn, saying France must first define stablecoins. Finance committee rapporteur Philippe Juvin argued the deferral should stay because crypto prices are volatile.
The measure sits inside a budget fight with no majority. Prime Minister Sébastien Lecornu wants â¬54 billion in savings to cut the deficit from 5.4% to 5% of GDP. With 2,828 amendments pending, the tax vote slipped to November 3, and the Senate can still strip the measure out.
What is still unclear
- The amendment has not become law. The National Assembly must review the remaining budget provisions before the Senate examines them.
- One deputy who voted for the measure later said she meant to vote no. A correction does not change the result.
Questions readers ask
What is France's crypto to stablecoin tax?
It is amendment I-3898, which would tax conversions of crypto into MiCA-regulated stablecoins at 31.4% from January 1, 2027. It passed the National Assembly by one vote but still needs final approval.
When would the French stablecoin tax start?
The change would take effect on January 1, 2027, if Parliament approves the budget.
Did the French stablecoin tax pass?
The amendment passed 38 to 37 with 25 abstentions on October 16. The full 2027 budget still has to go through further parliamentary steps, including Senate review.
How would crypto gains be calculated under the amendment?
Gains would be based on the cost of the coins actually sold, with a weighted average for identical coins bought at different prices.
