France advances 31.4% tax on crypto-to-stablecoin swaps, eyes 2027 start

France is moving forward with a plan to tax profits from cryptocurrency-to-stablecoin trades, marking a significant shift in how digital asset transactions are treated. The National Assembly’s finance committee approved the proposal on October 7, targeting exchanges where investors receive electronic money tokens governed by the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework. If passed, these new rules would come into effect on January 1, 2027. The legislation specifically targets swaps of cryptocurrencies for electronic money tokens that maintain stable value against a single official currency, as defined under MiCA.

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