France's National Assembly backs stablecoin swap tax by one vote
French deputies voted 38-37, with 25 abstentions, to treat crypto swaps into MiCA-regulated stablecoins as taxable sales from 1 January 2027, reviving a measure the finance committee's rejected budget text had dropped.
Why it matters: The vote puts a tax on stablecoin swaps on France's 2027 statute book path, and a separate plan to make holders declare large self-custodied wallets has drawn industry warnings about holder safety.
Key points
- Amendment I-3898 passed with 38 for, 37 against and 25 abstentions out of 100 deputies taking part
- Swaps into MiCA electronic money tokens would count as sales from 1 January 2027, taxed at France's 31.4% flat rate
- The Assembly votes on the full revenue section on Tuesday before the budget goes to the Senate
French lawmakers backed a stablecoin swap tax by a single vote on Friday, according to the National Assembly's record of the vote.
The text also changes how cost is calculated, giving each coin its own purchase price rather than one figure for the whole portfolio. Holders who bought before 2027 would make a one-off, irrevocable choice between documenting each asset's actual cost and spreading the portfolio's total cost across holdings on 31 December 2026.
Public Accounts Minister David Amiel opposed it, saying stablecoins first need a legal definition and that the state must be able to trace reallocations, CoinDesk reported. The finance committee had backed the measure earlier in October before rejecting the budget's revenue section, forcing it to be tabled again.
Live updates on NewsFeeds:RegulationStablecoinsDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)
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