French Lawmakers Advance Bill to Tax Crypto-to-Stablecoin Swaps Starting in 2027

French lawmakers in the National Assembly passed an amendment to tax crypto-to-stablecoin exchanges, targeting an implementation date in 2027. The measure, approved by a 38 to 37 vote with 25 abstentions, makes trades between digital assets like Bitcoin (BINANCE:BTCUSDT) and stablecoins taxable events, even when assets are not converted into traditional fiat currency.

Under current rules in many jurisdictions, exchanging one cryptocurrency for another or for stablecoins allows traders to defer tax liabilities. By calculating taxable gains using the initial acquisition cost and weighted-average purchase price, the new measure significantly narrows tax-deferral opportunities for French investors. Additionally, the Assembly voted down a separate measure by 75 to 18 that would have allowed crypto traders to carry forward realized losses over a 10-year period.

Lawmakers are also weighing further crypto regulations as part of the 2027 budget bill. These include a potential exit tax on unrealized crypto gains for individuals moving abroad with holdings over 800,000 euros, as well as reporting requirements for self-custody wallets holding over 100,000 euros. A vote on the first section of the budget bill is scheduled for later this week.