Stablecoins: The National Assembly Adopts Taxation of Crypto Conversions From 2027

Friday, October 16, the National Assembly adopted an amendment that could change crypto taxation in France. The text targets conversions into regulated stablecoins, even when investors do not recover their gains in euros. Led by Nicolas Sansu and sixteen deputies, this measure is part of the debates on the 2027 budget. However, its final adoption remains uncertain, as several parliamentary stages still need to confirm this new tax rule.

A new tax on crypto-to-stablecoin conversions

The Amendment I-3898, adopted in public session, modifies article 150 VH bis of the General Tax Code. This article currently governs the taxation of capital gains realized by individuals on their digital assets. The text removes an exception concerning exchanges for electronic money tokens within the meaning of the European MiCA regulation. According to its authors, this loophole allowed gains to be kept in stablecoins without immediately triggering their tax declaration.

Specifically, the measure would change how operations between cryptocurrencies and stablecoins are treated. Today, an investor who exchanges bitcoin for USDC generally does not pay tax at this stage. Taxation then occurs when they convert their assets into euros or use them to purchase a good. With this reform, the conversion could directly trigger the 31.4% flat tax. Thus, holders might potentially owe tax without having cashed out into traditional currency.

The scheme concerns only electronic money tokens falling under the European MiCA framework. This category notably includes USDC and EURC, two stablecoins designed to track the value of a currency. To regulate future operations, the amendment also specifies how to calculate the acquisition price of received tokens. This would correspond to their value at the time of the exchange, to determine capital gains during a later disposal. This clarification aims to ensure tax tracking of assets after their conversion.

A tangible tax impact for French investors

Let’s take a simple example to understand the possible consequences of this reform. An investor converts 10,000 euros of bitcoin into stablecoins while their gain reaches 4,000 euros. With a 31.4% tax rate, the tax on this capital gain would amount to about 1,256 euros. This amount would become payable without the investor necessarily having received euros in their bank account. The measure would thus change the management of gains and available liquidity.

However, the amendment does not cover all stablecoins on the market. According to an analysis relayed by Chainalysis, assets like USDT would remain outside the scope of this taxation. This differential treatment raises questions about investors’ choices and traded volumes. The analysis company notably mentions a possible shift of transactions towards unregulated solutions. The evolution of practices will therefore depend on the final scope of the measure.

This reform is part of a broader set of fiscal changes planned for digital assets. Deputies are also examining a mandatory declaration of wallets exceeding 100,000 euros. Furthermore, an extension of the exit tax to cryptocurrency holdings over 800,000 euros has been voted in committee. These proposals remain linked to the continuation of budget discussions. Their final adoption will determine the obligations bearing on French holders.

A parliamentary calendar is still decisive for crypto taxation

The vote on October 16 does not mean the measure will take immediate effect. The finance bill must first pass the solemn vote on its first part, dedicated to revenue, scheduled for October 20. The examination of the entire text will then continue from November 17. The Senate will also have to review the budget and may intervene on the provisions adopted by the deputies.

Until then, the outlines of crypto taxation could still evolve. Parliamentarians will notably have to determine whether the taxation of regulated stablecoins keeps its current wording. The differentiated treatment of certain tokens constitutes an important discussion point for the sector. In parallel, other measures targeting digital wallets and capital gains will have to follow their own legislative path. The budgetary calendar thus leaves several decisions to be made in the coming weeks.

The next step will therefore be the October 20 vote, before the continuation of parliamentary debates. If the amendment keeps its place in the 2027 budget, concerned conversions could lead to an early taxation of gains. Otherwise, the scheme could be modified or abandoned during the process. For investors, the challenge remains to follow the evolution of the rules before adapting their management of cryptocurrencies.