French Lawmakers Back Stablecoin Tax Change By A Single Vote

TL;DR: French lawmakers approved an amendment to the 2027 budget by 38 votes to 37 that would change how gains are taxed when cryptocurrencies are converted into stablecoins. The proposal is not yet final law.

For French crypto investors, moving from Bitcoin into a stablecoin could become a taxable event before any euros reach a bank account.

The National Assembly has narrowly adopted an amendment to the 2027 budget that seeks to remove the existing tax deferral on crypto-to-stablecoin conversions. The vote was 38 in favor and 37 against, with 25 abstentions. Nicolas Sansu, who introduced Amendment No. 3898, argued that switching from a volatile cryptoasset into a fiat-linked stablecoin should not receive different treatment from cashing out into ordinary currency.

The distinction has mattered to active traders. Under the existing framework described in the parliamentary debate, an exchange of one cryptoasset for another generally does not immediately crystallize the same capital-gains liability as conversion into fiat or spending proceeds on goods.

Stablecoins complicate that framework because they are themselves cryptoassets but are designed to track the value of currencies such as the euro or dollar. The proposal would narrow the tax advantage of using them as a temporary place to park gains.

There is a substantial caveat: an adopted amendment is not the same thing as an enacted tax law. The budget process still has parliamentary stages to clear, and the eventual wording could change before the legislation takes effect.

For now, French holders have a policy proposal to watch, not an instruction to recalculate past tax returns. The vote shows how closely lawmakers are looking at the line between crypto trading and a taxable cash-out.