France has not passed a new stablecoin tax. On October 7, 2026, the National Assembly’s Finance Committee adopted a proposal that would end tax deferral for certain crypto exchanges when the person receives an electronic-money token. The measure is part of the proposed 2027 budget and, as of October 11, remained subject to further debate and approval.
What the proposal would change
Amendment I-CF1826, filed by deputy Nicolas Sansu, would amend Article 150 VH bis of France’s General Tax Code. Under the proposal, the existing tax deferral would no longer apply to an exchange in which a person disposes of a crypto-asset and receives an electronic-money token, or rights relating to one. The amendment refers to the legal category in Article 3(1)(7) of the EU’s MiCA regulation; it does not name specific coins or cover every asset casually described as a stablecoin. Amendment I-CF1826
As an Amazon Associate I earn from qualifying purchases.
In practical terms, the proposal targets the event that may trigger tax treatment: receiving a qualifying token in an exchange. The amendment does not set a new tax rate, so its text alone does not establish what rate would apply.
Is swapping Bitcoin for USDC taxable in France now?
This amendment has not made such a swap taxable. As of October 11, 2026, it was a committee-approved proposal, not enacted law. Whether a particular token such as USDC falls within the amendment’s definition would depend on its legal status under the cited MiCA category, not simply on the stablecoin label. Amendment I-CF1826
#1 Best Overall
What happens next in the budget process?
The committee adopted the amendment on October 7. On October 9, however, it rejected the budget’s revenue section by 31 votes to 3. Decrypt reported that the committee amendments consequently did not carry into the government’s original text. A full Assembly debate was scheduled to begin October 13, with a vote scheduled for October 20. These were future dates as of October 11; committee adoption was not a final parliamentary decision. Decrypt’s account of the legislative sequence
When would the rule start, and how would older holdings be treated?
The amendment proposes applying the change to transactions from January 1, 2027. For crypto-assets acquired before that date, it offers two ways to determine acquisition cost:
- Use the documented actual acquisition cost for each asset.
- Allocate the portfolio’s total acquisition cost as of December 31, 2026, among the assets held at that point in proportion to their value.
The second method would be an irrevocable election for the whole portfolio when first used on a return reporting a taxable disposal after January 1, 2027. These provisions are proposed transition rules, not current requirements unless the measure becomes law in this form. Amendment I-CF1826
Why the amendment’s sponsors support it
The explanatory statement argues that gains from converting crypto-assets into fiat-backed stablecoins currently escape tax because of a gap in the law. Its authors say stablecoins can serve as investment vehicles, including for paying crypto service providers or buying other crypto-assets, and contend that the existing deferral is therefore unjustified. Those are the sponsors’ arguments, not an independent finding about how current law applies. Amendment’s explanatory statement
Rank #3
How much revenue do supporters estimate?
The GDR group reported an estimate of €1.5 billion in yield for the measure. The report gives no time period, and this is the group’s estimate—not a realized amount or an independently confirmed forecast. CoinMarketCap’s report of the estimate
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
