France's Stablecoin Swap Tax Just Survived By One Vote—Yes, One 🇫🇷

France's National Assembly has advanced a tax amendment that would make swapping $BTC and other cryptocurrencies for stablecoins a taxable event, even when no proceeds are converted into euros. The chamber adopted Amendment I-3898 on Friday by a 38–37 margin, with 25 abstentions, setting the stage for a final vote as part of the 2027 Finance Bill, which the Assembly is scheduled to consider on Tuesday.

The measure, originally introduced by French MP Nicolas Sansu as committee amendment I-CF1826 on Oct. 7, would tax gains on crypto-to-stablecoin conversions using the acquisition cost of the sold asset and its weighted average purchasing price. Lawmakers also rejected a separate proposal to allow investors to carry forward realized crypto losses for 10 years, voting 18–75 with 3 abstentions.

Additional crypto-related amendments remain in the pipeline for the 2027 budget. Amendment I-CF1822 would extend France's exit tax regime to unrealized crypto gains when taxpayers with aggregate crypto portfolio values above €800,000 ($895,000) relocate abroad. Amendment I-2701 would require individuals to declare self-custodial wallet holdings exceeding €100,000 ($112,000) in the relevant tax year. As of Monday, both proposals were still under consideration.

The Finance Bill vote on Tuesday will determine whether the stablecoin provision advances further, and whether the exit tax and self-custodial reporting measures are debated or brought to a vote that day. The Assembly's official schedule currently lists the first part of the 2027 Finance Bill for that session, leaving the final status of each amendment pending.