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ZEC $1,145 French MPs back crypto tax on stablecoin swaps in tight vote
Lawmakers approved a plan to tax gains on swaps into MiCA e-money tokens and rejected a ten-year crypto loss carryforward.
Key takeaways
- A three-vote margin. Amendment I-3898 passed 38 to 37, with 25 abstentions, during the first reading of the 2027 finance bill.
- Loss relief rejected. MPs voted down I-3653 by 75 to 18, with three abstentions, leaving same-year loss offsets in place.
- Start date not fixed. The provisional Oct. 19 text keeps the provision in Article 4 octies with a proposed Jan. 1, 2027 start.
What happened
French MPs voted on Oct. 16 to back a proposal that would tax gains on swaps into certain stablecoins. The National Assembly adopted amendment I-3898 by 38 votes to 37, with 25 abstentions, during the first reading of the 2027 finance bill.
On the same day, lawmakers rejected amendment I-3653 by 75 votes to 18, with three abstentions. That proposal would have allowed unused qualifying crypto losses to carry forward for ten years.
The stablecoin measure would remove the current deferral when a private investor receives MiCA e-money tokens or related rights. MiCA defines e-money tokens as crypto assets that seek a stable value by reference to one official currency.
Under current rules, a crypto-to-crypto exchange without a cash balancing payment can be deferred. The proposal would make the covered swap the taxable event, even when no euros reach a bank account.
Why it matters
A holder who moves appreciated Bitcoin or Ethereum into a qualifying token to reduce market exposure could owe tax while the proceeds stay in crypto. The tax would apply to the gain above acquisition cost, with documented fees taken into account.
The proposal would also change cost calculation. It would use a basis for disposed assets, with weighted-average acquisition cost for same-kind assets bought at different prices, instead of portfolio-wide allocation.
The rejected loss measure leaves existing same-year offsets in place. A net crypto loss cannot carry into later years or offset gains on other asset categories.
What the data shows
At the time of reporting, Bitcoin traded at about $81,333, down 1.83% over 24 hours, and Ethereum traded near $2,381, down 2.33%.
What is still unclear
- The budget remains in first reading, and an Oct. 19 provisional text retains the stablecoin provision in Article 4 octies. Its proposed application from Jan. 1, 2027 depends on enactment.
- If the stablecoin provision survives without another loss reform, earlier-year net crypto losses would remain unavailable against gains recognized on covered swaps.
Questions readers ask
What did French MPs vote on for crypto taxes?
They adopted amendment I-3898, which would tax gains on swaps into MiCA e-money tokens, by 38 votes to 37. They rejected amendment I-3653, a ten-year crypto loss carryforward, by 75 votes to 18.
When would the French stablecoin swap tax start?
The provisional Oct. 19 text proposes application from Jan. 1, 2027. That start depends on the finance bill being enacted.
What counts as a MiCA e-money token?
MiCA defines e-money tokens as crypto assets that seek a stable value by reference to one official currency.
Can French crypto losses be carried forward?
Current guidance allows crypto losses to offset crypto gains in the same tax year only. The ten-year carryforward proposal was rejected.
