French stablecoin swap tax takes effect

From January 1, 2027, swapping crypto assets into stablecoins regulated under MiCA as e-money tokens would become a taxable event in France, if the measure survives the legislative process. The date is tentative, as the rule has so far only cleared a parliamentary committee.

What is happening

On October 7, 2026, the finance committee of the French National Assembly adopted an amendment to the 2027 budget bill. It was tabled by Nicolas Sansu, a deputy of the left-wing GDR group, who describes the current treatment of stablecoins as a loophole: they are used like money, yet the gain made when swapping into them goes untaxed.

Under current French rules, swapping one crypto asset for another is not taxed. Tax arises only when an investor cashes out into euros or buys goods or services with crypto. The amendment changes article 150 VH bis of the French tax code so that the exemption would no longer apply when the investor receives e-money tokens as defined by the EU's MiCA regulation, meaning stablecoins designed to track a single state currency such as the euro or the dollar. Swapping bitcoin for ether would remain untaxed.

The same day, the committee adopted a second amendment favourable to investors: losses on crypto assets would be carried forward for ten years. Neither change is final. Both still need a majority in the plenary of the National Assembly and must then pass the Senate.

Why it matters

For French holders and traders, the change would remove a common way of moving into a stable asset without realising a taxable gain. Because French law has no holding period, a gain on such a swap would be taxable regardless of how long the original asset was held. The proposed ten-year loss carry-forward could partly offset the effect for investors who realise losses.

The proposal also invites comparison with Germany, where swapping crypto into a stablecoin is already a disposal, and gains are tax free after a one-year holding period. Germany is itself considering reforms, so the wider European picture may keep shifting. Anyone affected should watch the plenary vote and the Senate's handling of the bill, since the amendment could be changed or dropped before the date arrives.

Key details

• Date: January 1, 2027 (tentative, subject to approval by the National Assembly plenary and the Senate)
• Project: French National Assembly
• Coins: MiCA e-money stablecoins in general; no specific coin named
• Category: Regulatory Deadline
• Status: Tentative
• Source: cryptoticker.io, "France stablecoin swap tax, Germany"