Some French tax-resident crypto investors would face an earlier tax charge on gains from swaps into certain stablecoins under an amendment passed by France’s National Assembly.
Lawmakers approved the change 38–37 on Oct. 16, with 25 abstentions. Their vote adopted an amendment to the draft 2027 Finance Bill, not the budget or a new law.
Under current French rules for individuals, an eligible exchange between digital assets generally does not trigger tax in the year of the swap if no additional payment is made. The amendment would end that deferral when the asset received is an electronic-money token. European Union rules define that category as tokens designed to track the value of one official currency.
For affected investors, a taxable gain could arise while their holdings remain in digital assets, before any conversion into euros. The provision concerns individuals who are French tax residents, subject to separate rules for professional activity.
National Assembly member Nicolas Sansu, who introduced the amendment, argued that investors can use the covered tokens to make payments on digital-asset platforms or buy other crypto assets without first paying tax on gains from the swap. That is Sansu’s rationale for changing when those gains are taxed.
The amendment would also use a weighted average acquisition cost to calculate gains on crypto assets of the same type bought at different prices. If enacted, the changes would apply to transactions from Jan. 1, 2027.
The budget process remains unfinished. Parliamentary broadcaster LCP reported that a planned Oct. 20 vote on the bill’s revenue section was postponed because debate had not concluded. LCP said debate may resume around Oct. 27; no new date for the revenue vote has been confirmed.
