French National Assembly deputies voted narrowly on 16 October to end the tax deferral on conversions of cryptocurrencies into stablecoins. The amendment, I-3898, passed 38 votes to 37, with 25 abstentions.
The measure would make exchanges such as ether into USDC taxable from 1 January 2027. The adoption is not yet final, because the revenue part of the 2027 finance bill is due for a vote on Tuesday 3 November.
What happens next
If the Assembly rejects the revenue part, the government’s original text goes to the Senate and the adopted amendments fall away. The Senate can still change the measure if it reaches that stage.
The Assembly had rejected the social security budget revenue part on 23 October. Government may use 49.3 or budget ordinances if no agreement is reached by 18 December.
Wider crypto tax proposals
Other proposals were floated during the debate. One would extend the exit tax to crypto holdings above 800,000 euros. Another would require a declaration for self-custody wallets above 100,000 euros, but that amendment was not adopted.
The Senate has already voted in favour of the CARF automatic tax data exchange on foreign-held crypto accounts. Minister David Amiel estimated that the amendments voted in session would add 10 billion euros to the deficit.
Related: French lawmakers move to tax crypto-to-stablecoin conversions
