French Lawmakers Back Tax on Crypto-to-Stablecoin Swaps by a Single Vote

France’s National Assembly voted on Oct. 16 to adopt an amendment to the 2027 finance bill that would make trading crypto for stablecoins a taxable event, according to the chamber’s official vote record. The tally was 38 in favor and 37 against, with 25 abstentions.

The amendment, number 3898, was tabled by Nicolas Sansu of the GDR group. Of the 100 deputies who took part, 75 cast a vote, so the measure needed 38 votes for an absolute majority and got exactly 38, one more than the 37 against. The vote came at first reading, and the change is not law.

Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter.

Under current French rules, gains on crypto-to-crypto trades are deferred until the holder exits to euros. The amendment ends that deferral when the asset received is an e-money token as defined under MiCA, the EU’s crypto rulebook, a category that covers stablecoins such as USDC and EURC. Gains would be calculated from a weighted average purchase price rather than across the whole portfolio.

A swap of that kind would be taxed as if the coins had been sold for euros, at France’s 31.4% flat tax, starting Jan. 1, 2027.

Left-wing groups supplied most of the support, the record shows: 12 votes from La France Insoumise, nine from the Socialists, eight from the Ecologists and three from GDR. President Emmanuel Macron’s EPR group voted 12 to one against, and Rassemblement National cast 10 votes against while 25 of its deputies abstained. EPR deputy Olivia Grégoire, recorded as voting in favor, filed a correction saying she had meant to vote against. The record still lists the amendment as adopted.

The finance committee had backed a similar text on Oct. 7, but two days later it rejected the bill’s whole revenue section, 31 to 3, so amendments had to be filed again for the floor.

The Assembly scheduled a solemn vote on that revenue section for Oct. 20 and a review of the full bill set for Nov. 17, per Journal du Coin. The outcome of the Oct. 20 vote was not available at publication. The budget then goes to the Senate, and Cryptoast noted that if the government passes it under Article 49.3 of the constitution, it can choose which amendments to keep.

Related Listen: Why Banks Failed to Kill Stablecoin Rewards in the Clarity Act

{"@context":"http:\/\/schema.org\/","@id":"https:\/\/unchainedcrypto.com\/french-lawmakers-back-tax-on-crypto-to-stablecoin-swaps-by-a-single-vote\/#arve-youtube-8e1ukw3yxyk","@type":"VideoObject","embedURL":"https:\/\/www.youtube-nocookie.com\/embed\/8E1Ukw3Yxyk?feature=oembed&iv_load_policy=3&modestbranding=1&rel=0&autohide=1&playsinline=1&autoplay=0"}

The post French Lawmakers Back Tax on Crypto-to-Stablecoin Swaps by a Single Vote appeared first on Unchained.