France Delays Vote on Stablecoin Swap Tax to November 3

France's National Assembly has rescheduled a crucial vote on a proposed tax for cryptocurrency swaps into single-currency stablecoins to November 3, 2026. This amendment, known as I-3898, aims to end the current tax deferral on gains from such swaps, which would take effect starting January 1, 2027. The proposal was narrowly approved on October 16, 2026, by a vote of 38 to 37, with 25 deputies abstaining from the decision.

The amendment targets electronic money tokens, a category defined under the European Union's Markets in Crypto-Assets regulation (MiCA). It does not specify individual stablecoins but applies to all tokens classified as electronic money. If enacted, any gains from swapping cryptocurrencies into these stablecoins would be subject to a flat tax rate of 31.4%, which includes 12.8% in income tax and 18.6% in social contributions. Currently, tax on crypto-to-crypto exchanges is deferred until conversion to fiat currency or purchases are made.

The French government has expressed concerns regarding the implementation of this tax, particularly the challenges in tracking such transactions. The upcoming votes on November 3 and a full Assembly vote scheduled for November 17 will be critical in determining the future of this tax proposal. Additionally, other proposed reforms may introduce new taxes on large crypto holdings and mandatory reporting for self-custodial wallets, while a provision allowing loss carryforwards was rejected.

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Source: KLEA News