Friday October 16, the National Assembly adopted an amendment that could change crypto taxation in France. The text targets conversions into regulated stablecoins, even when investors do not recover their gains in euros. Supported by Nicolas Sansu and sixteen deputies, this measure is part of the debates on the 2027 budget. However, its final adoption remains uncertain, because several parliamentary stages must still confirm this new tax rule.
In brief
- The National Assembly adopts an amendment aimed at taxing conversions into regulated stablecoins.
- The measure provides for a tax of 31.4% on the capital gains concerned, even without conversion into euros.
- USDC and EURC are targeted, while USDT would remain outside the system according to the analysis cited.
- The text must still go through several parliamentary stages before possible entry into force.
A new tax on crypto to stablecoin conversions
L’amendment I-3898adopted in public session, modifies article 150 VH bis of the General Tax Code. This article currently governs the taxation of capital gains made by individuals on their digital assets. The text removes an exception concerning exchanges for electronic money tokens within the meaning of the European MiCA regulation. According to its authors, this flaw made it possible to keep gains in stablecoins without immediately triggering their tax declaration.
Concretely, the measure would change the treatment of operations between cryptocurrencies and stablecoins. Today, an investor who exchanges bitcoin for USDC generally does not pay taxes at this stage. Taxation then occurs when he converts his assets into euros or uses them to buy a property. With this reform, the conversion could directly trigger the flat tax of 31.4%. Thus, holders would potentially have to pay their tax without having cashed traditional currency.
The system only concerns electronic money tokens falling under the European MiCA framework. This category notably includes USDC and EURC, two stablecoins designed to track the value of a currency. To govern future operations, the amendment also specifies how to calculate the acquisition price of the tokens received. This would correspond to their value at the time of the exchange, in order to determine the capital gain during a subsequent transfer. This clarification therefore aims to ensure the tax monitoring of assets after their conversion.
A concrete tax impact for French investors
Let’s take a simple example to understand the possible consequences of this reform. An investor converts 10,000 euros of bitcoin into stablecoins when his gain reaches 4,000 euros. With a tax of 31.4%, the tax on this capital gain would represent approximately 1,256 euros. This sum would become payable without the investor necessarily having received euros in his bank account. The measure would thus modify the management of earnings and available liquidity.
However, the amendment does not cover all stablecoins present on the market. According to theanalysis relayed by Chainalysisassets like USDT would remain outside the scope of this taxation. This difference in treatment raises questions about the choices of investors and the volumes traded. The analysis company mentions in particular a possible shift of transactions towards unregulated solutions. The evolution of practices will therefore depend on the definitive scope of application of the measure.
This reform is part of a broader set of tax changes being considered for digital assets. The deputies examine also a mandatory declaration of wallets exceeding 100,000 euros. Furthermore, an extension of the exit tax to cryptocurrency assets above 800,000 euros was voted in committee. These proposals remain linked to the continuation of budgetary discussions. Their final adoption will determine the obligations that will weigh on French holders.
A parliamentary calendar still decisive for crypto taxation
The October 16 vote does not mean that the measure comes into force immediately. The finance bill must first pass the solemn vote on its first part, devoted to revenue, scheduled for October 20. Examination of the entire text must then continue from November 17. The Senate will also have to examine the budget and will be able to intervene on the provisions adopted by the deputies.
Until then, the contours of crypto taxation could further evolve. Parliamentarians will have to determine in particular whether the taxation of regulated stablecoins retains its current wording. The differential treatment of certain tokens constitutes an important point of discussion for the sector. At the same time, other measures targeting digital wallets and capital gains will have to follow their own legislative path. The budget calendar leaves several decisions to be made in the coming weeks.
The next step will therefore be the vote on October 20, before the continuation of parliamentary debates. If the amendment retains its place in the 2027 budget, the affected conversions could result in early taxation of gains. Otherwise, the device could be modified or abandoned during the procedure. For investors, the challenge remains to follow the evolution of the rules before adapting their management of cryptocurrencies.
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