France's stablecoin swap tax is in limbo as budget vote slips
France's Assembly delayed Tuesday's vote on the 2027 budget's revenue half, leaving the 38–37 stablecoin swap tax adopted but not final. Debate resumes ~Oct 27.
CryptoGroup Newsroom · · 3 min read
France's stablecoin swap tax is not dead and not law. It is parked, and the delay mostly buys lobbyists time.
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The French National Assembly will not hold Tuesday's planned vote on the revenue half of the 2027 budget, so the amendment taxing crypto-to-stablecoin swaps stays adopted in the chamber but unconfirmed. Deputies still had 2,828 of 3,396 tabled amendments to get through, and the Constitution forces them to switch to the social security budget first, Journal du Coin reports. Capital says work on the revenue section should only resume around Oct. 27; no new date for the solemn vote has been published.
Where things stand
- The measure: amendment I-3898 from Nicolas Sansu (GDR) ends the tax deferral on swaps into MiCA e-money tokens such as USDC or EURC. Gains would be taxed under France's 31.4% flat tax from Jan. 1, 2027. We covered the one-vote win last week.
- The vote: 38 to 37 with 25 abstentions on Oct. 16. Deputy Olivia Grégoire (EPR) is recorded as voting for it, but a correction note says she meant to vote against. Such notes never change a result, so the text stands.
- Still queued: an exit tax on crypto portfolios above €800,000 and a duty to declare self-custodied wallets worth more than €100,000 have not yet been debated in the chamber.
The budget calendar from here
Oct 9
Committee rejects revenue section
The finance committee voted the revenue part down 31 to 3.
Oct 16
Swap tax adopted
Amendment I-3898 passed on the floor by 38 votes to 37.
Oct 20
Solemn vote postponed
With most amendments still pending, the Assembly moves to the social security budget.
~Oct 27
Revenue debate due to resume
According to Capital, after the social security bill leaves the Assembly.
Nov 17
Whole-budget vote
First-reading vote on the full 2027 budget remains scheduled.
Dec 17
70-day limit
If no budget is adopted, the government can turn to ordinances.
Our take
The delay changes nothing on paper, but it matters in practice. A rule that slipped through by one accidental vote, in a chamber where only about 100 deputies took part, now gets another week of lobbying before anyone has to stand behind it again. The government already opposes the measure, and the finance committee rejected the whole revenue section. Even if the text survives, the Senate can strip it, and Economy Minister Roland Lescure has not ruled out ordinances if no budget passes by Dec. 17, which would let the executive pick what stays.
For holders, the practical point is simple: nothing changes before 2027, and nothing is settled. The tax targets swaps into regulated stablecoins under MiCA, not crypto-to-crypto trades in general. France is not the only country rethinking crypto tax this week; South Korea's exchanges have just asked for clearer rules before their 2027 start.
This article is for information only and is not financial advice. Crypto assets are volatile; do your own research. Read our disclaimer
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