France eyes 31.4% tax on crypto-to-stablecoin swaps

6.8 Regulation

Oct 14, 2026

France may tax crypto-to-stablecoin swaps at 31.4% from 2027, targeting MiCA-regulated tokens. The proposal could push traders offshore and awaits parliamentary approval.

French lawmakers are considering extending the 31.4% capital gains tax to crypto-to-stablecoin conversions involving MiCA-regulated stablecoins, starting January 1, 2027. This amendment, adopted by the National Assembly's Finance Committee on October 7, would treat such swaps as taxable events, ending the current tax deferral for these transactions. Only stablecoins approved under the EU's MiCA framework would be affected, excluding others like USDT. The proposal is part of the 2027 budget and still needs full parliamentary approval. Chainalysis warns that this measure could drive traders toward less transparent, offshore, or DeFi platforms. Additional proposals include new disclosure rules for large self-hosted wallets, extending exit taxes, and allowing losses to be carried forward for ten years. The tax's final scope and passage remain uncertain, as the budget's revenue section was rejected and must be reconsidered in the National Assembly.