France's Finance Committee Backs 31.4% Tax on Stablecoin Swaps From 2027

France's National Assembly finance committee adopted an amendment on Oct. 7 that would make the exchange of cryptocurrencies into regulated stablecoins a taxable disposal, applying the country's 31.4% flat capital gains rate to those trades from Jan. 1, 2027.

The measure is one of several cryptocurrency-related provisions under examination as part of the 2027 budget process. As a committee-stage amendment, it is not yet law and remains subject to further parliamentary review before it could take effect.

Stablecoins are digital tokens designed to maintain a stable value relative to a reference asset, most commonly a government-issued currency such as the U.S. dollar or the euro. Under France's current tax framework for individuals, exchanges between cryptocurrencies are generally not treated as taxable events; taxation is typically triggered only when digital assets are converted into fiat currency or used for purchases. In practical terms, that means a swap from one cryptocurrency into a stablecoin generally does not, on its own, create a taxable gain under today's rules. By classifying conversions into regulated stablecoins as disposals, the amendment would bring those transactions within the scope of capital gains taxation, with gains measured at the moment of the swap even when no fiat currency changes hands — placing stablecoin conversions closer to the treatment already applied to conversions into fiat currency.

If the provision clears the remaining steps of the legislative process, the 31.4% flat rate would apply to gains realized on crypto-to-stablecoin swaps beginning Jan. 1, 2027. For holders tracking France's crypto tax rules, the development to watch is whether the amendment advances through the later stages of the budget debate ahead of that start date.

This content was first published on COINOTAG: https://en.coinotag.com/france-stablecoin-swap-tax-31-4-percent-2027-budget