France’s National Assembly has approved a budget amendment that would make crypto gains taxable when digital assets are converted into certain stablecoins, narrowing a deferral available under current rules.
The measure was adopted on October 16 during first-round debate on the 2027 budget by 38 votes to 37, with 25 abstentions. It would only take effect if it clears the Senate and the remaining legislative steps.
What the amendment would change
The proposal would treat conversions from crypto assets into stablecoins pegged to a single fiat currency as a taxable event. In practice, that would end the current ability in some cases to delay taxation until an investor later exits into euros or another fiat currency.
The text relies on the European Union’s Markets in Crypto-Assets framework, using the MiCA definition for electronic money tokens. If the amendment is ultimately enacted, the new rule is scheduled to apply from January 1 next year.
Current system and tax rate
Under existing French rules, exchanges between crypto assets can allow taxation to be deferred under certain conditions. That means someone who sells Bitcoin for a stablecoin after a price increase may not owe tax immediately, so long as the position has not yet been converted into fiat money.
The amendment would shift the taxable moment forward to the stablecoin conversion itself. France’s current flat rate on such gains is 31.4%, made up of a 12.8% income tax and an 18.6% social levy. The levy would apply to the gain realized on the investment, not to the entire value of the transaction.
Why supporters and the government disagreed
The amendment was introduced by lawmaker Nicolas Sansu and other lawmakers. Supporters argued that stablecoins can be used for payments and reinvestment, and therefore should not continue to benefit from treatment that differs from a conversion into fiat currency.
The government opposed the change. Its position was that the range of stablecoins covered and the practical methods for tracking transactions should be clarified before such a rule is adopted. In its current form, the government said, the measure would be too complex to implement and should be withdrawn.
What happens next
The vote came during the lower house’s first examination of the budget bill, and the amendment passed by a single vote. That narrow margin underlined that the proposal remains politically contested even after clearing the National Assembly.
For now, the measure is not yet law. It still faces review in the Senate and must complete the remaining legislative procedures before any change to crypto taxation can take effect. If it survives that process, the planned start date is January 1 next year.
Source: en.bloomingbit.io