An amendment passed 38 to 37 would end tax deferral on Bitcoin and Ether swaps into MiCA e-money tokens such as USDC and EURC from 2027
France’s National Assembly has pushed back its vote on the revenue section of the 2027 budget to November 3, delaying a decision on a measure that would end tax deferral on crypto swaps into single-currency stablecoins, The Defiant reported on October 20. The solemn vote had been scheduled for October 20.
Deputies approved amendment I-3898 on October 16 by 38 votes to 37, with 25 abstentions, as only 100 of the chamber’s 577 members took part, Forbes reported. The amendment was tabled by Nicolas Sansu and 16 other deputies from the Democratic and Republican Left group, and the government opposed it.
Swaps into MiCA e-money tokens would become taxable
From January 1, 2027, the measure would remove the tax deferral that applies when holders swap Bitcoin or Ether into electronic money tokens, the MiCA category for stablecoins pegged to a single official currency. Gains would fall under France’s existing flat levy of 31.4% for individuals, made up of 12.8% income tax and 18.6% social charges.
The amendment does not name specific tokens, but Circle’s USDC and EURC, both issued under MiCA by its French subsidiary, would fall within scope. Whether Tether’s USDT, which is not authorized under MiCA, would be covered remains disputed. Public accounts minister David Amiel acknowledged during the debate that the scope of covered tokens still needs work.
The amendment would also replace France’s portfolio-based method for calculating crypto gains with a cost-basis approach. If the revenue section passes, the Senate can delete or rewrite the measure, and the government could also adopt the budget under Article 49.3, keeping only the amendments it accepts.
