French Lawmakers Back Tax on Some Crypto-to-Stablecoin Exchanges
France’s National Assembly approved an amendment that could tax cryptocurrency conversions into regulated electronic money tokens from 2027. The rules are not yet in effect.
French taxation of crypto exchanges could affect cryptocurrency conversions into a certain category of stablecoins from 2027. On October 16, 2026, the National Assembly approved amendment I-3898 to the 2027 budget bill at first reading. Thirty-eight lawmakers voted in favor, 37 against, and 25 abstained. However, approval of the amendment alone does not change the current French tax rules.
French taxation of crypto exchanges and MiCA tokens
The proposal removes tax deferral for exchanges in which a cryptocurrency holder acquires so-called jetons de monnaie électronique, meaning electronic money tokens defined by the European MiCA regulation. It therefore does not automatically apply to every product marketed as a stablecoin.
According to the approved text, the change would apply to sales and exchanges carried out from January 1, 2027. If the proposal passes in its final form, gains from converting cryptocurrency into a regulated electronic money token could become taxable for French tax residents earlier than exchanges between other cryptocurrencies.
The sponsors justify the measure by arguing that the current regime creates a legislative gap. This is their political and legal assessment, not an independently confirmed conclusion.
Profit and loss calculations would also change
The amendment also adjusts the methodology for calculating capital gains and losses. For assets of the same type, it would be based on the weighted-average cost principle.
This approach would replace the current calculation method to the extent proposed by the text. For cryptocurrency holders, this would mean tracking acquisition costs and transactions in a manner consistent with the new methodology if the provision becomes part of the final law.
Approved proposal is not yet law
I-3898 is still only an amendment adopted during consideration of the budget. It may change during the further parliamentary process, be removed from the budget bill, or not be adopted in its final wording.
The outcome in the Senate and any compromise wording between the chambers remain particularly uncertain. The final effective date and any guidance from the French tax authorities would also be important if the measure ultimately passes.
What to watch next
- the National Assembly’s vote on the entire 2027 budget bill,
- the Senate’s position and negotiations between the chambers,
- the final statutory wording, including the effective date,
- clarification of which tokens will meet the MiCA definition of electronic money.
For French tax residents, the key point is that the proposed change applies to a precisely defined legal category of tokens, not to the general marketing label “stablecoin.” Until the budget process is complete, it cannot be considered an effective change to the tax regime.
Sources
- Assemblée nationale – search for amendments to PLF 2027 – The official record states that proposal I-3898 was debated and adopted in the plenary session of the National Assembly on October 16, 2026.
- Assemblée nationale – amendment I-CF1826 – Contains the wording of the measure: an exception to tax deferral when acquiring electronic money tokens, a change to the calculation methodology, and proposed effectiveness from January 1, 2027.
- Assemblée nationale – account of the October 16, 2026 session – The debate record confirms that the subject was a change to the tax treatment of cryptocurrency conversions into stablecoins.
- Matière Publique – Independently reports the vote result of 38 in favor, 37 against, and 25 abstentions, and notes that the vote itself did not yet change the applicable tax rules.
Verified and updated: October 18, 2026 06:19
