France’s National Assembly Votes 38 to 37 to Tax Crypto-to-Stablecoin Swaps From 2027

France’s National Assembly voted 38 to 37 on Friday to adopt amendment I-3898 to the 2027 budget bill, ending the tax deferral on crypto-to-stablecoin swaps from January 1, 2027; 25 abstained among 100 votes cast. The deferral lets crypto-to-crypto trades postpone gains until coins are sold for euros or spent. The amendment removes it when investors receive an e-money token defined in Article 3 of the Markets in Crypto-Assets Regulation (MiCA), making those gains subject to France’s 31.4% flat tax. Nicolas Sansu filed the amendment on October 10 after the finance committee backed it on October 7; the government opposed it. The amendment is not law yet, and a floor vote on the budget’s revenue section was postponed.