French MPs back crypto tax, and stablecoin swaps take the hit
Summary
French MPs approved a first-reading proposal to tax gains when private investors swap crypto into qualifying MiCA e-money tokens, ending tax deferral for those transactions. The measure passed 38–37 and is included in a provisional 2027 budget text, but must still be enacted and is proposed to take effect Jan. 1, 2027. Gains would be calculated using acquisition costs and documented fees, with new rules for cost basis. MPs rejected a separate proposal to let crypto losses carry forward for ten years, leaving losses usable only against crypto gains in the same tax year. If enacted without further changes, prior-year losses could not offset gains recognized on covered swaps.
