France Just Voted to Tax Crypto-to-Stablecoin Swaps Starting in 2027
Oct 22, 2026
France's National Assembly narrowly passed a measure ending the tax deferral when crypto investors swap into stablecoins, a change that would take effect January 2027.
A Razor-Thin Vote
France's National Assembly just voted 38 to 37 to close what one lawmaker called a loophole in the country's crypto tax rules. Right now, swapping crypto for crypto lets you defer any tax until you actually cash out to euros or spend it. This amendment removes that deferral specifically when you swap into a stablecoin, like USDC, meaning those gains would immediately fall under France's 31.4% flat tax on crypto disposals.
Not Law Yet, But Close
The government actually asked for the amendment to be withdrawn, arguing France needs to properly define stablecoins first. Deputies disagreed anyway. In the same sitting, they also rejected a proposal letting investors carry crypto losses forward for 10 years. The change isn't official law yet, it still needs a floor vote, but if it passes, it kicks in on January 1, 2027.