Cryptoupdated 1h ago1 min read
France National Assembly Passes Crypto-to-Stablecoin Tax Amendment I-3898, Bitcoin Swaps Taxed
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French National Assembly approved Amendment I-3898 taxing crypto-to-stablecoin swaps, effective 2027. Tax triggers on BTC or other crypto exchanged for stablecoins, taxable gains.
France votes on swaps
France’s National Assembly passed the crypto tax amendment I-3898, which would impose taxes on transactions that exchange cryptocurrencies for stablecoins. The amendment would make swaps of cryptocurrencies such as Bitcoin into stablecoins taxable even without conversion into fiat currency, and it targets implementation in 2027.
“The National Assembly approved the crypto tax amendment, known as I-3898, by 38 votes to 37, with 25 abstentions.”
Nicolas Sansu introduced the measure, and the Assembly approved it by 38 votes to 37 with 25 abstentions. The Assembly also rejected a separate amendment that would have allowed realized crypto losses to be carried forward for deduction over 10 years, voting 18 to 75.
How the tax would work
The proposal would trigger capital gains taxation when investors exchange cryptocurrencies for single-currency stablecoins, even when investors keep their funds within the crypto market rather than converting them into traditional currency. The amendment would apply to exchanges involving stablecoins linked to a single official currency, as defined by the EU’s Markets in Crypto-Assets (MiCA) regulation.
The measure would also change how taxable gains are calculated by revising the method used to determine the acquisition cost of the assets sold. David Amiel opposed the measure, citing implementation difficulties and the need for clearer definitions of stablecoins and reliable methods for tracking changes in crypto portfolios.
Exit tax and wallet reporting
Lawmakers are also discussing amendment I-CF1822, which would impose an exit tax on taxpayers with crypto portfolios exceeding 800,000 euros if they move their tax residence abroad. The Assembly is also weighing amendment I-2701, which would require reporting when self-custody wallet holdings exceed 100,000 euros during the relevant tax year.
“The Assembly’s budget calendar schedules a vote on the first part of the Finance Bill for 20 October and a vote on the full bill for 17 November.”
The timetable for reviewing the two amendments has not yet been set, and both proposals remain under consideration for the 2027 Finance Bill. The National Assembly is scheduled to vote on the first part of the 2027 Finance Bill later this week, while the full bill vote is set for 17 November.