What the committee adopted
Deputy Nicolas Sansu and co-sponsors filed the amendment on 4 October, and the Finance Committee adopted it on 7 October. The National Assembly's official record places it in the first reading of the 2027 finance bill. Committee adoption is one legislative step, not final approval of rules that apply to taxpayers.
Its explanatory note proposes removing tax deferral for conversions from crypto assets into fiat-linked stablecoins. The authors argue that such assets can be used for payments or further purchases, while the current framework generally defers the gain calculation when one digital asset is exchanged for another.
Which swaps the wording covers
The text does not label every token marketed as a stablecoin as taxable. It refers to electronic money tokens in Article 3(1)(7) of MiCA. Those are crypto assets that aim to maintain a stable value by reference to a single official currency. The eventual scope would therefore depend on a token's legal classification, not simply on its trading label.
If enacted in this form, receiving one of those tokens in a swap would become an exception to the deferral in Article 150 VH bis of the French tax code. The amendment does not propose ending deferral for every other crypto-to-crypto exchange.
Why the proposal sets a cost basis for the received token
The draft also defines the acquisition price of a token received in a swap that no longer qualifies for deferral. It uses the value of the consideration used to calculate the gain or loss on that transaction, adjusted for any balancing payment. This is a material detail: a later sale or swap of the stablecoin should not automatically tax the same already-recognised difference twice.
It also proposes a transitional choice for a portfolio held on 31 December 2026. A taxpayer could substantiate each asset's actual acquisition cost or allocate the portfolio's aggregate cost in proportion to each asset's value on that date. The election would be irrevocable in the first return reporting a taxable transaction after 1 January 2027. These are proposed rules, not a current mandatory procedure.
What users can sensibly do now
Until the legislative process is complete, there is no reason to restructure records on the assumption that the rule is already in force. French tax residents can retain trade histories, fees, wallet addresses, and platform statements, particularly for transactions involving tokens linked to the euro or another single currency. That can help reconstruct cost basis if the rules change, but it is not personal tax advice.
The narrow takeaway is that a committee has backed a measure which could make some crypto-to-stablecoin swaps a standalone taxable event from 2027. The final scope, start date, and calculation method will be known only after the bill advances and final provisions are published.
