France Backs Stablecoin Swap Tax, Then Rejects Budget — SkimNews
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- Nicolas Sansu (GDR group), backed by 16 co-signers, filed the stablecoin-swap amendment closing what he called "a hole in the legislation": from Jan. 1, 2027, swapping Bitcoin or other crypto into a MiCA-regulated electronic money token would count as a taxable sale at France's 31.4% flat-tax rate.
- A second Sansu amendment extends France's exit tax to crypto, applying when a tax household's combined crypto holdings exceed €800,000 and the taxpayer was a French resident for at least six of the prior 10 years, with swaps between cryptocurrencies carrying no cash component excluded from the trigger.
- Daniel Labaronne's third adopted amendment lets investors carry unused crypto losses forward 10 years to offset future gains, mirroring the existing stock-loss regime that currently does not apply to digital assets.
- The Finance Committee rejected the budget's entire revenue section on Oct. 9 by 31 votes to 3, so the floor debate opens from the government's original text and none of the committee's crypto amendments carry over without being re-tabled.
- The full National Assembly begins debating the revenue section Oct. 13 and votes Oct. 20, and if the stablecoin and exit-tax measures return and survive, both would take effect Jan. 1, 2027.
- The stablecoin text targets only MiCA-defined electronic money tokens tied to a single currency, and its authors argue deferral is unjustified because stablecoins can already be spent at crypto service providers or used to buy other tokens, not just held for later conversion to fiat.
Why it matters: The 31-3 committee vote against the entire revenue section means every crypto amendment the committee just approved—covering roughly the bulk of taxable crypto activity in France—must be re-filed and survive the Oct. 20 floor vote, on top of the existing €2 million "unproductive wealth" levy that already groups crypto with gold and yachts. If the stablecoin amendment lands, it would tax gains at a moment investors have historically treated as a deferral event, with the rate pegged to the 31.4% flat tax that just rose in January.
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