France Assembly Backs Proposal to End Tax Deferral on Some Crypto Swaps

France’s National Assembly adopted an amendment Friday that would end tax deferral on some crypto-to-stablecoin swaps from 2027, while leaving any applicable tax rate unspecified. Lawmakers approved the measure 38-37, with 25 abstentions, during the first reading of the 2027 budget bill. The bill remains under parliamentary review, so the amendment has not taken effect. Amendment I-3898, filed by Nicolas Sansu and 16 other deputies, covers exchanges in which an investor receives an electronic money token, as defined by the European Union’s Markets in Crypto-Assets Regulation (MiCA), or rights linked to one. MiCA defines the category as crypto-assets designed to maintain a stable value against one official currency. The amendment does not name specific tokens. Under current French rules, exchanges of crypto-assets without a cash adjustment receive tax deferral.

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