Report: French Lawmakers Back Stablecoin Tax Amendment by One Vote
Bitcoinist reports that France’s National Assembly adopted an amendment to the 2027 budget that could make some crypto-to-stablecoin exchanges taxable sooner. The vote and amendment have not been independently checked against Assembly records, and the proposal has not been established as law.
- Reported vote: 38 in favor, 37 against and 25 abstentions.
- Reported proposal: Remove the current exclusion from the taxable-event rule for some crypto-to-stablecoin exchanges.
- Key caveat: The amendment’s wording, scope and status in the legislative process remain unconfirmed.
Bitcoinist identified the proposal as Amendment No. 3898, introduced by Nicolas Sansu. According to the report, Sansu argued that swapping a volatile cryptoasset for a currency-pegged stablecoin should be treated more like converting it into ordinary money.
A stablecoin is a cryptoasset designed to track the value of a currency, such as the euro or U.S. dollar. The amendment text was not included in the materials supporting the report. That leaves it unclear whether the proposal covers all stablecoins, particular types of transactions or a narrower category.
What France’s existing tax guidance says
France’s tax authority, BOFIP, describes the existing rules for occasional disposals by individuals under Article 150 VH bis of the French General Tax Code. In its guidance, updated on 23 April 2024, BOFIP says onerous disposals of digital assets can be taxable. Exchanges between digital assets without a cash supplement are excluded from that taxable-event rule.
That does not mean every crypto-to-crypto trade is tax-free. BOFIP’s guidance does not specifically address stablecoins, and it does not clarify how an exchange involving a stablecoin would be treated under the reported amendment.
For covered individual investors, BOFIP describes a standard rate of 12.8% income tax plus 17.2% in social levies, for a combined 30%. For disposals from 1 January 2023, taxpayers can instead opt for the progressive income-tax scale. The choice is made on the annual tax return and applies globally to the relevant gains for that year.
Those rates apply to the existing regime described in BOFIP’s guidance. They are not confirmed rates for the reported proposal. The available information gives no proposed rate, calculation method or effective date, and these rules should not be applied to companies or professional trading.
Why the wording matters
Bitcoinist describes the amendment as an effort to end tax deferral for some crypto-to-stablecoin conversions. More precisely, current rules exclude certain exchanges between digital assets from the taxable-event definition. Whether the proposal would change that treatment, and which transactions it would cover, depends on the amendment’s exact wording.
If an exchange into a stablecoin became a taxable event, a holder might have to report a gain before converting the stablecoin into euros or transferring money to a bank account. That could mean a tax bill before the holder has received bank money. Without the amendment text, though, it is impossible to say what would trigger tax, how gains would be valued or which stablecoin transactions would be covered.
There are arguments on both sides. A currency-pegged stablecoin can be economically similar to cashing out, which supports treating the exchange like a sale for ordinary currency. But a stablecoin is still a digital asset. Taxing an exchange before the holder moves funds into a bank account could add friction, even though they have not received euros or dollars in the bank.
Bitcoinist also reported that the budget still had parliamentary stages to clear and that the wording could change. Even if confirmed, the reported Assembly vote would not by itself change France’s tax rules. Holders should treat the proposal as something to monitor, not as a reason on its own to recalculate past returns.
Key questions and answers
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Did the French National Assembly back the amendment?
Bitcoinist reported that Amendment No. 3898 passed by 38 votes to 37, with 25 abstentions. The vote and amendment have not been independently verified against Assembly records.
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Is the proposal law?
That has not been established. The reported vote does not by itself change France’s tax rules, and the proposal’s final wording and status in the legislative process remain unconfirmed.
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How are qualifying crypto-to-crypto exchanges treated under existing guidance?
For covered occasional individual investors, BOFIP says exchanges between digital assets without a cash supplement are excluded from the taxable-event rule. Its guidance does not specifically address stablecoins.
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Should holders change past tax filings because of the reported vote?
The reported amendment does not establish a new filing obligation, an effective date or a retroactive rule. The vote alone is no reason to assume past returns need correcting.
French crypto holders face risks beyond tax uncertainty, including organized gangs targeting holders and a reported rise in crypto kidnappings.
