France's parliament approves vote to hit crypto-to-stablecoin trades with 31% levy
France’s National Assembly narrowly approved a 2027 budget amendment that would end tax deferral when investors swap crypto for MiCA-defined e-money tokens, potentially taxing gains even without a fiat withdrawal. The vote was 38–37, with 25 abstentions. If enacted, the change would apply from Jan. 1, 2027, and gains would generally face France’s 31.4% capital-gains rate, though investors could choose progressive income-tax rates. The proposal still must pass remaining budget stages and could change. It would also calculate gains using the acquisition cost of assets sold, with weighted-average costs for units of the same cryptocurrency. Officials questioned how stablecoins and portfolio reallocations would be monitored, while an industry representative warned the measure could drive activity toward DeFi, peer-to-peer trades and offshore exchanges.
