The October 16 first-reading votes advance a proposal covering MiCA e-money tokens, with a January 2027 start conditional on enactment.
French MPs backed a proposal to tax gains on swaps into certain stablecoins on Oct. 16, while rejecting a separate ten-year crypto-loss carryforward. The paired decisions would bring tax recognition forward for covered swaps without adding relief for net losses from earlier years.
The National Assembly adopted amendment I-3898 by a vote of 38 to 37, with 25 abstentions, during the first reading of the 2027 finance bill. MPs then rejected I-3653 by a vote of 75 to 18, with three abstentions.
The budget remains in first reading, and an Oct. 19 provisional text retains the stablecoin provision in Article 4 octies. Its proposed application from Jan. 1, 2027 depends on enactment.
Under the current French rules for private investors, covered crypto-to-crypto exchanges without a cash balancing payment receive tax deferral. That lets a holder change crypto exposure without necessarily recognizing a taxable gain in the exchange year.
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I-3898 would remove that deferral when the holder receives MiCA e-money tokens or related rights. The EU's Markets in Crypto-Assets regulation (MiCA) defines e-money tokens as crypto assets seeking stable value by reference to one official currency.
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