France Backs Proposal to Tax Crypto-to-Stablecoin Swaps at 31.4% From 2027

France’s National Assembly has backed a measure that would bring certain crypto-to-stablecoin swaps into the country’s capital-gains tax regime from January 1, 2027. The margin was 38 votes to 37, however, and amendment I-3898 remains part of an unfinished budget process rather than final law. The proposed rate is not new. Private investors already face France’s 31.4% flat tax on taxable crypto gains: 12.8% income tax and 18.6% social levies. What changes is the point at which a gain may be treated as taxable. Under current rules, many crypto-to-crypto exchanges without additional cash consideration benefit from tax deferral. The amendment would carve regulated fiat-backed stablecoins out of that treatment. That is a narrower intervention than a headline suggesting a new tax on all crypto trading. It is also potentially consequential.

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