Key Takeaways
- France's National Assembly postponed its vote on the revenue section of the 2027 budget, the part that carries the stablecoin swap tax, because more than 2 600 amendments were still to be examined, Cryptoast reported on 20 October. The Assembly had adopted amendment 3898 on Friday, 16 October 2026, by 38 votes to 37, with 25 abstentions.
- The amendment would end tax deferral on swaps of crypto into MiCA-compliant stablecoins (MiCA, the European Union's Markets in Crypto-Assets regulation), taxing the gain at the 31.4% flat rate from 1 January 2027.
- It is not law. When Cryptoast reported on 20 October, the revenue section had not been voted. The bill must still pass the Senate, and Public Accounts Minister David Amiel asked for the amendment to be withdrawn.
France's National Assembly postponed its vote on the revenue section of the 2027 budget, the part that carries the stablecoin swap tax, because more than 2 600 amendments were still to be examined, Cryptoast reported on 20 October. The Assembly had adopted amendment 3898 on Friday, 16 October 2026, by 38 votes to 37, with 25 abstentions. The amendment would apply France's 31.4% flat tax to crypto-to-stablecoin swaps from 1 January 2027, but it is not law until Parliament definitively adopts it.
Stablecoin Swap Tax Vote Count and the One-Ballot Margin
The Assembly's public vote record (scrutin public no. 8836) is titled as a vote at first reading (the Assembly's first examination of the bill) on amendment no. 3898 by M. Sansu, after article 4 of the 2027 finance bill. It records 100 deputies voting, 75 votes expressed, an absolute majority of 38 (more than half of the 75 votes expressed), and the amendment as adopted. The tally was 38 for, 37 against and 25 abstentions.
The record also carries a clarification from Olivia Grégoire, who made known that she had wanted to vote against. The record does not say whether the clarification changes the count. Moving one ballot from for to against would give 37 for and 38 against, and the amendment would then have failed. That arithmetic is WYDE's, computed from the printed tally.
Decrypt wrote that the measure landed exactly at the 38 needed for a majority.
How the 31.4% Flat Tax Would Reach Crypto-to-Stablecoin Swaps
Under current French rules, CoinDesk reports, exchanges between cryptocurrencies without an extra cash payment generally benefit from tax deferral. The amendment would end that deferral for swaps into MiCA-compliant stablecoins. Cryptoast says it covers certain stablecoins that French law classes as e-money tokens (a legal category for digital money backed one-for-one by a currency). Decrypt describes them as euro or dollar stablecoins.
The taxable gain would be the value of the stablecoins received minus what the holder paid for the coins given up, Decrypt reports. Each coin sold would carry its own purchase price, averaged where the same coin was bought more than once.
The flat tax is the default rate on private investment gains. Decrypt reports it rose from 30% to 31.4% after France's 2026 social security financing law lifted social charges on capital income from 17.2% to 18.6%. The 1.4-point rise in the flat tax equals the 1.4-point rise in those charges. Investors can opt for the progressive income-tax scale instead, CoinDesk reports.
Nicolas Sansu of the left-wing GDR group led the amendment's authors. They argue that stablecoins can be "entirely conventional investment vehicles" and that gains moved into them escape the flat tax through a gap in the legislation.
What Still Has to Happen Before the Swap Tax Is Law
Three steps remain. First, when Cryptoast reported on 20 October, the revenue section had not been voted. That section contains the stablecoin measure. Cryptoast reports that the solemn vote on that section, planned for Tuesday, 20 October, was postponed because more than 2 600 amendments were still to be examined. Lawmakers moved on to the social security budget, which they must decide by 27 October.
Second, the Assembly must finish first reading of the whole bill, revenue and spending included, by 17 November, according to Cryptoast. Decrypt reports that after the revenue vote, the budget passes to the Senate. CoinDesk notes the changes could still be amended or removed before becoming law.
Third, the change could apply from 1 January 2027 only if it is definitively adopted, Cryptoast says.
Public Accounts Minister David Amiel asked for the amendment to be withdrawn and said he would otherwise oppose it. In the debate, he told lawmakers: "We first need to define stablecoins, then ensure our ability to monitor and trace reallocations within a portfolio of assets." Decrypt reports he argued that stablecoins first needed a legal definition.
For background, WYDE has covered the July 1 MiCA deadline and Crédit Agricole's EURXT euro stablecoin.
People Also Ask
Is France's stablecoin swap tax law yet?
No. The Assembly adopted amendment 3898 at first reading on 16 October 2026, by 38 votes to 37. When Cryptoast reported on 20 October, the revenue section had not been voted. The Senate must review the budget, and Parliament must definitively adopt the measure before it can apply from 1 January 2027.
What is a crypto-to-stablecoin swap under the amendment?
The amendment would treat swaps of crypto into MiCA-compliant stablecoins as taxable sales from 2027, according to Decrypt. The taxable gain would be the value of the stablecoins received minus what the holder paid for the coins given up.
Why is the rate 31.4 percent?
The 31.4% rate is France's flat tax on private investment gains. Decrypt reports it rose from 30% after the 2026 social security financing law raised social charges on capital income. Investors can opt for the progressive income-tax scale instead, CoinDesk reports.
Sources: National Assembly vote record 8836, CoinDesk, Decrypt, Cryptoast, Cryptoast amendments.