France moves to tax crypto-to-stablecoin swaps

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France’s National Assembly has narrowly approved a proposed tax amendment that would make certain crypto-to-stablecoin swaps taxable events from 2027 if enacted.

The amendment passed on Friday with 38 votes in favour, 37 against and 25 abstentions. Proposed by MP Nicolas Sansu, it would tax gains when investors exchange Bitcoin or other cryptocurrencies for stablecoins, even if they do not convert the proceeds into fiat currency.

The proposal would also change how crypto capital gains are calculated, using the acquisition cost of the asset sold and a weighted average purchase price. It forms part of France’s 2027 Finance Bill, while other proposed crypto tax measures, including those covering self-custodial wallets and an exit tax, remain under consideration.