Swapping crypto for stablecoins in France currently benefits from tax deferral, but lawmakers have now narrowly backed amendment I-3898 to the 2027 budget, which removes that deferral for e-money tokens defined under the EU's MiCA framework.

The amendment passed on Oct. 16 by 38 votes to 37, with 25 abstentions, and would apply the 31.4% capital gains rate to swaps from January 1, 2027.

Investors could owe tax when moving into qualifying stablecoins even without cashing out to a bank account. The text also replaces the portfolio-wide gains calculation with a per-asset acquisition cost, using a weighted average for units bought at different prices.

The measure still faces the budget's remaining parliamentary stages and could be amended or dropped. Public Accounts Minister David Amiel asked for it to be withdrawn over implementation concerns, while industry voices warn it may push traders toward DeFi, peer-to-peer deals and offshore exchanges.