France’s National Assembly adopted Amendment I-3898 on October 19, making crypto-to-stablecoin swaps taxable events under the country’s 2027 Finance Bill. The amendment passed with 38 votes in favor, 37 against, and 25 abstentions.
The amendment changes how France calculates capital gains tax on cryptocurrency transactions. Investors converting Bitcoin or other cryptocurrencies into stablecoins will now trigger tax liability on gains without converting to fiat currency. The calculation uses the acquisition cost of the sold crypto asset and weighted average purchasing price.
Nicolas Sansu, a French MP, introduced the amendment as part of broader cryptocurrency taxation proposals. The narrow margin reflects deep disagreement within the Assembly over how to tax digital assets.
Related Proposals Under Consideration
Two separate crypto tax proposals remain under consideration. Amendment I-CF1822 would extend France’s exit tax regime to unrealized gains for taxpayers with aggregate crypto portfolio values exceeding €800,000 ($895,000) who transfer residences abroad. Amendment I-2701 would require individuals to declare self-custodial wallet holdings if total value exceeded €100,000 ($112,000) in the relevant tax year.
A separate proposal to carry forward realized crypto losses for 10 years was rejected Friday, receiving only 18 votes in favor compared to 75 against, with 3 abstentions.
Next Steps
The National Assembly is scheduled to vote on the first part of the 2027 Finance Bill on Tuesday following October 19. The amendment’s status in that vote remains unclear.
