France Assembly Adopts 31.4% Tax Proposal for Crypto-to-Stablecoin Gains

France’s National Assembly adopted a budget amendment Oct. 16 that would apply a 31.4% capital-gains tax to qualifying crypto-to-stablecoin conversions, though the measure is not law. The proposal covers exchanges of crypto assets for certain electronic money tokens, a category that includes some stablecoins regulated under European Union rules. The 31.4% rate is France’s standard flat tax on private investors’ capital gains; it would apply to the gain, not the total value exchanged. The measure follows the Finance Committee’s earlier approval of a similar proposal and would apply to transactions beginning Jan. 1, 2027. Separate proposals remain pending. One would tax latent gains on household crypto holdings above €800,000 when a taxpayer moves their tax residence out of France, provided they had been a French tax resident for at least…

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