France's parliament approves vote to hit stablecoin trades with 31% capital gains tax
The French National Assembly has narrowly approved an amendment to the 2027 budget that would impose a 31.4% capital gains tax on crypto-to-stablecoin trades. If enacted, this measure would eliminate current tax deferral benefits for stablecoin exchanges and change how capital gains are calculated for digital assets.
Why it matters
This policy shift could significantly alter the tax landscape for French crypto investors and potentially drive trading activity toward decentralized or offshore platforms to avoid increased tax burdens.
The National Assembly adopted amendment I-3898 to the 2027 budget on Oct. 16 by 38 votes to 37, with 25 abstentions. The vote advances a proposal previously approved by its finance committee.
The proposed changes would apply to transactions from Jan. 1, 2027. They remain subject to the budget’s remaining parliamentary stages and could still be amended or removed before becoming law.
Exchanges between crypto without an additional cash payment generally benefit from tax deferral under current French tax rules . Taxable gains on private investments face a default rate of 31.4%, although investors can opt for the progressive income-tax scale.
The amendment would remove that deferral when investors receive e-money tokens as defined by the European Union’s Markets in Crypto-Assets (MiCA) framework.
Investors could therefore owe tax on gains when moving into qualifying stablecoins, even without withdrawing the funds in fiat currency to a bank account.
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