France's Assembly Backs Tax on Swaps Into MiCA-Defined E-Money Tokens

France's National Assembly approved by one vote an amendment that would tax gains when crypto assets are exchanged for MiCA-defined e-money tokens, even before a cash-out. Lawmakers passed amendment I-3898 on Oct. 16 by 38 votes to 37, with 25 abstentions. The measure targets exchanges in which a taxpayer disposes of crypto assets and receives an e-money token defined by the European Union's Markets in Crypto-Assets (MiCA) regulation, or related rights. E-money tokens are a specific category of stablecoin. The proposal would remove tax deferral for gains on those transactions. That means a swap into a qualifying token could trigger tax before an investor converts the proceeds to euros or withdraws them to a bank account.

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