French MPs back crypto tax, and stablecoin swaps take the hit
The October 16 first-reading votes advance a proposal covering MiCA e-money tokens, with a January 2027 start conditional on enactment. Read the full story on CryptoSlateUnderstand the crypto stories that matter and what to watch next. Get The Catalyst in your inbox
French MPs backed a proposal to tax gains on swaps into certain stablecoins on Oct. 16, while rejecting a separate ten-year crypto-loss carryforward. The paired decisions would bring tax recognition forward for covered swaps without adding relief for net losses from earlier years.
The National Assembly adopted amendment I-3898 by a vote of 38 to 37, with 25 abstentions, during the first reading of the 2027 finance bill. MPs then rejected I-3653 by a vote of 75 to 18, with three abstentions.
The budget remains in first reading, and an Oct. 19 provisional text retains the stablecoin provision in Article 4 octies. Its proposed application from Jan. 1, 2027 depends on enactment.
Under the current French rules for private investors, covered crypto-to-crypto exchanges without a cash balancing payment receive tax deferral. That lets a holder change crypto exposure without necessarily recognizing a taxable gain in the exchange year.