France Just Voted to Tax Every Crypto-to-Stablecoin Swap at 31.4% — And USDT Is Exempt

On October 7, 2026, the French National Assembly’s Finance Committee voted 38-37 to extend the country’s existing 31.4% flat tax on crypto gains to crypto-to-stablecoin swaps . The amendment, sponsored by Communist MP Nicolas Sansu and 16 left-wing co-signers, treats swaps into MiCA-regulated stablecoins as taxable disposals, effective January 1, 2027. But the vote carries a structural irony that undermines the very regulatory framework it claims to enforce: USDT, the world’s largest stablecoin, is exempt. The mechanism is straightforward. Under EU MiCA regulation, stablecoins are classified as either electronic money tokens (EMTs) or asset-referenced tokens (ARTs). USDC and EURC qualify as EMTs because they are pegged to a single fiat currency and issued by MiCA-licensed entities. USDT, which has not obtained MiCA authorization, does not qualify.

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