The French National Assembly has adopted amendment I-3898, tabled by Nicolas Sansu and sixteen colleagues of the Gauche démocrate et républicaine group. The measure would make conversion of cryptocurrency into MiCA-compliant stablecoins a taxable event for individuals’ capital gains. The amendment was tabled on 10 October.
What the amendment changes
The text modifies article 150 VH bis of the French General Tax Code. Today, a disposal in which the seller receives MiCA e-money tokens is in principle not taxable. The amendment removes that exemption. The acquisition price of tokens received in exchange would be fixed at the time of the transaction.
The flat tax rate that would apply to such gains is 31.4 percent. The measure targets only MiCA e-money tokens, such as USDC and EURC. According to Chainalysis analysis cited in the reporting, it leaves out USDT.
In an illustrative example, a holder converts 10,000 euros of bitcoin into stablecoin. The capital gain is 4,000 euros, and the tax due is 1,256 euros.
Path to adoption
The text is part of a finance bill, and final passage requires a Senate review. It reprises a text already voted in the finance committee on 7 October. The targeted entry into force is 1 January 2027, subject to the full legislative process.
The solemn vote on the first part of the finance bill is set for 20 October. Examination of the whole bill is scheduled for 17 November.
Source: French National Assembly
