France is one step closer to changing how crypto swaps are taxed. On October 16, 2026, the National Assembly adopted amendment I-3898 to the 2027 budget bill, a measure that would create a France crypto to stablecoin swap tax from 2027: swaps into euro- or dollar-pegged stablecoins regulated under MiCA would no longer benefit from tax deferral. The vote was razor-thin, and the proposal is not law yet. Still, anyone who trades in France, or follows EU crypto policy, should understand what it would change.
What happened: the October 16 vote
According to the National Assembly's record, as reported by Decrypt and CoinDesk, 100 deputies took part in the vote on amendment I-3898. 38 voted in favour, 37 against, and 25 abstained. With 75 votes cast, 38 was exactly the majority needed.
The amendment was tabled by Nicolas Sansu and other deputies of the left-wing GDR group. The government opposed it. Public Accounts Minister David Amiel asked for it to be withdrawn, telling lawmakers: "We first need to define stablecoins, then ensure our ability to monitor and trace reallocations within a portfolio of assets." The finance committee's rapporteur general, Philippe Juvin, said he favoured keeping the deferral because of crypto's volatility.
The vote does not end the process. The measure still has to make it through the rest of the budget procedure, including the Senate, and it could be amended or removed before anything becomes law.
Amendment I-3898 crypto tax explained
To see what would change, start with how French rules work today.
Today: crypto-to-crypto swaps are generally deferred
Under current French rules, exchanges between crypto-assets with no additional cash payment generally benefit from tax deferral (sursis d'imposition). In practice, you can move from one crypto-asset to another without a taxable event. Tax is normally due when you cash out into fiat or spend crypto on goods and services.
Proposed: swaps into MiCA e-money tokens become taxable
Amendment I-3898 adds an exception to that deferral. Swaps in which you receive electronic money tokens (EMTs), as defined in Article 3(1)(7) of the EU's MiCA regulation (Regulation (EU) 2023/1114), would no longer be deferred. Under MiCA, an EMT is a token that aims to keep a stable value by referencing a single official currency, which covers most euro- and dollar-pegged stablecoins issued under the EU framework.
From January 1, 2027, those swaps would be treated as taxable disposals. The gain would broadly be the value of the stablecoins received minus the acquisition cost of the crypto given up.
The rate: France's 31.4% flat tax
Gains would fall under France's flat tax (prélèvement forfaitaire unique), which Decrypt reports rose from 30% to 31.4% after the 2026 social security financing law raised social charges on capital income from 17.2% to 18.6%. CoinDesk notes that investors can opt for the progressive income-tax scale instead.
A new way to calculate cost basis
The amendment also rewrites how gains are calculated. France currently uses a portfolio-wide formula. The amended text would instead use the acquisition cost of the specific crypto-assets sold, with a weighted average price where the same asset was bought at different prices.
For assets acquired before January 1, 2027, the text gives taxpayers a one-time, irrevocable choice. They can either:
- document the actual acquisition cost of each asset "by any means", or
- spread the total acquisition cost of their portfolio as of December 31, 2026 across the assets they hold on that date, pro rata to their value.
MiCA e-money token tax France: which swaps are affected?
The key distinction is what you receive, not which platform you use.
- Crypto to crypto (e.g., one volatile token for another): Deferral would generally remain
- Crypto to MiCA EMT (e.g., a euro- or dollar-pegged e-money token): Deferral removed; treated as a taxable disposal
- Crypto to fiat: Already taxable today
A few practical points follow from the text:
- The trigger is the token's legal status. The amendment refers to e-money tokens under MiCA, so whether a given stablecoin falls in scope depends on how it is classified. Minister Amiel's comment that stablecoins first need a legal definition suggests this may be debated further.
- The venue doesn't change the rule. A swap into an in-scope stablecoin is the same transaction whether it happens on a centralized exchange or on a decentralized exchange.
- Received EMTs get a new cost basis. Under the amended text, EMTs received in a taxable swap would take as their acquisition price the value used to calculate the gain on that swap.
Why reporting and record-keeping matter more
Chainalysis' regional sales director for France, Francois Volpoet, told CoinDesk the proposal could push investors toward DeFi platforms, peer-to-peer transactions and offshore exchanges outside international tax-reporting arrangements. That is a warning about market behaviour, not a loophole. Tax obligations apply to the taxpayer regardless of where a trade happens.
What the proposal does make clear is that accurate, per-asset records would matter more. If cost basis is calculated asset by asset with weighted averages, traders need to know what they paid for each token, when, and in what amount.
This is where on-chain activity can help. Swaps made from your own wallet on a decentralized exchange leave a public, timestamped transaction record: the tokens in, the tokens out, the amounts, and the network fees paid. That data can be exported through block explorers or imported into crypto tax software to reconstruct your history. It does not replace professional advice or official filings, but it makes documentation easier than relying on memory or scattered screenshots.
A simple record-keeping checklist
- Export transaction histories regularly rather than once a year.
- Record the fiat value at the time of each swap (most tax tools do this automatically).
- Keep documentation of acquisition costs for holdings bought before 2027, in case the per-asset option becomes relevant.
- Note network and trading fees, since the amended text allows documented costs to be taken into account.
What happens next
Decrypt reported that the Assembly was due to vote on the full revenue section of the budget on Tuesday, October 20, after which the bill goes to the Senate.
None of these measures is final. The text could change, be dropped, or be adopted as is. Traders should follow official sources and avoid acting on headlines alone.
FAQ
Is swapping crypto for USDC taxable in France?
Today, crypto-to-crypto swaps without a cash payment generally benefit from tax deferral. Under amendment I-3898, from January 1, 2027, swaps into stablecoins that qualify as MiCA e-money tokens would become taxable. Whether a specific stablecoin is in scope depends on its legal classification, so check with a tax professional.
What is amendment I-3898?
It is an amendment to France's 2027 budget bill, adopted by the National Assembly on October 16, 2026 by 38 votes to 37 with 25 abstentions. It would remove tax deferral for swaps into MiCA e-money tokens and move gain calculations to a per-asset, weighted-average cost basis.
Does crypto to crypto swap tax deferral in France still apply?
Under the proposal, deferral would generally remain for swaps between crypto-assets that are not MiCA e-money tokens. Only swaps that end in an EMT would lose it. The measure is not yet law.
When would the MiCA e-money token tax in France start?
If it is adopted in its current form, it would apply to disposals and exchanges from January 1, 2027. It still has to pass the remaining stages of the budget process, including the Senate.
Trading with clear records
Whatever the final rules look like, clear records help, so export your trading history regularly on every platform you use. AviorSwap lets you swap tokens across 17+ networks, including Ethereum, Unichain, Base, BNB Chain and Arbitrum. Explore the markets on AviorSwap and keep your trading records organised from day one.
Disclaimer: This article is for general information only and does not constitute tax, legal or financial advice. Tax rules depend on your individual situation and may change before or after adoption. Consult a qualified tax professional before making any decision. Crypto-assets are volatile and you can lose money.
Sources
- Decrypt, "French Lawmakers Back Stablecoin Swap Tax by Just One Vote": https://decrypt.co/381413/french-lawmakers-back-stablecoin-swap-tax-by-just-one-vote
- CoinDesk, "France's parliament approves vote to hit crypto-to-stablecoin trades with 31% levy": https://www.coindesk.com/policy/2026/10/20/france-s-parliament-approves-vote-to-hit-crypto-to-stablecoin-trades-with-31-levy
- Assemblée nationale, Amendment No. I-3898 (PLF 2027): https://www.assemblee-nationale.fr/dyn/17/amendements/3210A/AN/3898.pdf