France’s tax proposal would tax Bitcoin-to-USDC swaps before investors cash out
France’s National Assembly Finance Committee adopted a proposed amendment that would make exchanges into MiCA-defined e-money tokens, including qualifying stablecoins such as USDC, taxable disposals from Jan. 1, 2027 if enacted. Investors could owe tax on gains before converting holdings to cash. The proposal would also replace portfolio-wide cost allocation with asset-specific weighted-average acquisition costs. For pre-2027 holdings, investors could use documented actual costs or allocate the existing tax basis across assets using their year-end 2026 values; that portfolio-wide choice would be irrevocable. Taxable swaps would reset the received tokens’ basis to the value used to calculate the gain, while other crypto-to-crypto swaps would retain deferral. The amendment leaves unchanged the rule barring crypto losses from being carried forward or offset against gains on other assets. The proposal was scheduled for National Assembly plenary discussion on Oct. 13.
