France's National Assembly narrowly adopted budget amendment I-3898 by a single vote, which would treat swaps from crypto into MiCA-regulated stablecoins as taxable sales from January 1, 2027. Of the 100 deputies who voted, 38 backed the measure, 37 opposed it and 25 abstained. Gains would be calculated as the value of stablecoins received minus the purchase price of the coins given up, taxed at a flat rate that rose from 30% to 31.4% after social charges on capital income went from 17.2% to 18.6%. The government opposed the amendment, and Public Accounts Minister David Amiel asked for it to be withdrawn, arguing that stablecoins first need a legal definition. None of the measures is law yet, as the amendment still faces the rest of the budget process, and a separate proposal requiring holders to declare self-custodied crypto worth €100,000 or more has drawn backlash from the crypto industry.
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Related tickers and likely impact
BTC/USDT
▼ Likely negativeBitcoin
Relevance: low
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Layer 1 |
| Market cap | $1.6T |
| Close on 10/19/2026 | 81,938.40 |
| Change that session | -0.22% |
ETH/USDT
▼ Likely negativeEthereum
Relevance: low
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Layer 1 |
| Market cap | $294.2B |
| Close on 10/19/2026 | 2,408.01 |
| Change that session | -0.10% |
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- France's parliament approves vote to hit stablecoin trades with 31% capital gains tax
French lawmakers narrowly approved amendment I-3898 to the 2027 budget on October 16, by 38 votes to 37 with 25 abstentions, which would remove tax deferral on crypto-to-stablecoin swaps. From January 1, 2027, swaps into MiCA-compliant e-money tokens would fall under the 31.4% capital gains rate even without a cash withdrawal to a bank account. The amendment still must pass the remaining budget stages and could be changed or removed. Chainalysis's regional sales director for France, Francois Volpoet, warned that the levy could push investors toward DeFi, peer-to-peer trades and offshore exchanges, while Public Accounts Minister David Amiel questioned implementation and asked for the amendment to be withdrawn.
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