French lawmakers narrowly approved a budget amendment that would make swapping crypto into euro or dollar stablecoins taxable from 2027.
In brief France’s National Assembly adopted a budget amendment by one vote that would treat swaps from crypto into MiCA-regulated stablecoins as taxable sales from 2027. Only 100 deputies took part, with 38 voting for, 37 against and 25 abstaining, reviving a measure that fell with the finance committee’s rejected budget text. French holders can currently move between cryptocurrencies without owing tax, as long as no euros change hands, with the bill only coming due when they cash out or spend. The amendment carves out swaps that end in an electronic money token under MiCA , the EU’s crypto rulebook, which covers stablecoins pegged to a single official currency.