• On 16 October 2026 the National Assembly adopted amendment I-3898 to the 2027 budget bill by 38 votes to 37, with 25 abstentions, according to CoinDesk.
• The amendment would remove the deferral on crypto-to-crypto swaps when the investor receives a MiCA-defined e-money token, so a gain could be taxed without any cash reaching a bank account.
• CoinDesk ties the proposed charge to the 31.4% capital gains rate and a 1 January 2027 start, and reports it would use a weighted-average acquisition cost.
• Public Accounts Minister David Amiel asked for withdrawal, so the text can still be amended or removed in later budget stages.
• Chainalysis's France sales director warned the levy could push investors toward DeFi, peer-to-peer trading and offshore venues; that is a prediction, not an observed outcome.

France's National Assembly has narrowly backed a measure that would make swapping crypto into a regulated stablecoin a taxable event. CoinDesk reported that amendment I-3898 to the 2027 budget passed on 16 October by 38 votes to 37, with 25 abstentions. It would apply from 1 January 2027, but the budget has further stages to clear and the minister responsible opposes it.

What the amendment does

The amendment removes the deferral that applies to exchanges between crypto assets when the investor receives an e-money token as defined under MiCA. According to CoinDesk, investors could owe tax on moving into a qualifying stablecoin even without withdrawing funds to a bank account. The French parliament's record lists the text as amendment I-3898 to the 2027 finance bill, and Cryptoast reports it was tabled by a group of left-wing deputies.

The rate is 31.4%, not a round 31%

The headline figure is slightly off. CoinDesk's article text refers to the 31.4% capital gains levy as the rate that crypto-to-stablecoin swaps would move closer to, while its headline rounds to 31%. Cryptoast likewise reports the flat tax rate would apply at 31.4%, the same as a sale into euros. Anyone modelling the cost of a swap should use 31.4% and treat the rounded headline number as shorthand.

The vote is fragile and the government objects

A one-vote margin leaves the measure exposed. CoinDesk reports that Public Accounts Minister David Amiel asked for the amendment to be withdrawn and said he would otherwise oppose it, arguing that stablecoins must first be defined and that reallocations within a portfolio must be traceable. It also reports that finance committee rapporteur general Philippe Juvin favored keeping the deferral because of crypto's volatility.

The enforcement risk the industry points to

Taxing the swap rather than the cash-out changes the incentive to stay on regulated venues. CoinDesk reports that Chainalysis's regional sales director for France, Francois Volpoet, said the proposal could push investors toward decentralized finance platforms, and also warned of peer-to-peer transactions and offshore exchanges outside international tax-reporting arrangements. That is a warning from an industry participant, not evidence of what has happened.

What to watch next

The next signal is whether the amendment survives the remaining budget stages unchanged. CoinDesk reports it could be amended or removed. Watch for a legal definition of stablecoin, the gap the minister raised. Exchanges and payment firms serving French users should model a January 2027 start but not hard-code it, since stablecoin on-ramps and treasury flows that use swaps as a parking step would be affected if the deferral goes.