The finance committee of France’s National Assembly on Wednesday, October 7, 2026, adopted an amendment to the 2027 budget bill that would end the tax deferral on swaps of crypto-assets into stablecoins that MiCA, the EU’s crypto-asset regulation, classifies as e-money tokens. Amendment I-CF1826, tabled by Nicolas Sansu of the left-wing Gauche Démocrate et Républicaine (GDR) group, would make those swaps taxable from January 1, 2027. It would also change how every crypto gain is calculated.
The committee adopted a second crypto amendment the same day. I-CF798, from Daniel Labaronne of the EPR group in the National Assembly, would let holders offset crypto losses against gains over 10 years. Neither change is final: the floor debate, which opens October 13, restarts from the government’s text.
Swaps into e-money tokens would lose their deferral
Article 150 VH bis of France’s general tax code governs the gains individuals make on crypto-assets. Converting crypto into a fiat currency triggers tax, but section II.A of the article defers tax on exchanges between crypto-assets, and a swap into a stablecoin has so far counted as one. Sansu’s amendment adds that this deferral does not apply to exchanges in which the seller receives e-money tokens within the meaning of Article 3(1)(7) of MiCA, or rights relating to them. MiCA defines an e-money token as “a type of crypto-asset that purports to maintain a stable value by referencing the value of one official currency.”
The authors call the current treatment a loophole. Stablecoins backed by fiat currencies can serve as ordinary investment vehicles, used to pay on crypto platforms or to buy other crypto-assets, they argue, adding that the UK and Italy have already legislated in this direction. Cryptoast, a French crypto news site, reads the text as covering only stablecoins regulated under MiCA: as drafted, a swap into an unregulated stablecoin would stay outside the rule.
Gains would be computed asset by asset
The amendment also rewrites section III of Article 150 VH bis, which sets how a gain is measured, today from the total acquisition price of the whole portfolio. Under the new text, the gain would be the sale price minus the acquisition price of the assets sold, net of documented fees, with weighted average cost for identical crypto-assets bought at different prices. Tokens received in a taxable swap, e-money tokens included, would take as their cost the value retained for that swap.
For assets bought before January 1, 2027, taxpayers would make an irrevocable choice between each asset’s documented cost and a split of the portfolio’s total acquisition price at December 31, 2026, in proportion to each holding’s value on that date.
Crypto losses could be carried over 10 years
Today, crypto losses can only offset gains made in the same year, unlike losses on securities, which Article 150-0 D of the tax code lets taxpayers carry forward for 10 years, Labaronne’s amendment notes. I-CF798 would let gains absorb losses from the previous 10 years and carry unused losses forward over the next 10. Its text says it was drafted with ADAN, the French digital-asset industry association.
| Amendment | Author (group) | What it would do | Committee status |
|---|---|---|---|
| I-CF1826 | Nicolas Sansu (GDR) | Ends the deferral on swaps into e-money tokens and computes gains asset by asset, from Jan. 1, 2027 | Adopted Oct. 7 |
| I-CF798 | Daniel Labaronne (EPR) | Lets crypto losses offset gains over 10 years | Adopted Oct. 7 |
| I-CF1822 | Nicolas Sansu (GDR) | Extends the exit tax to unrealized gains on crypto holdings above €800,000 | Adopted Oct. 8 |
| I-CF1564 | Paul Midy (EPR) | Exempts crypto used to pay for goods and services, up to €1,000 a year | Not yet voted at midday Oct. 9 |
The floor debate restarts from the government’s text
The government tabled the bill on October 1. Under France’s budget procedure, Cryptoast notes, the floor debate starts from that original text: amendments adopted in committee must be voted again, and rejected ones can be filed anew by their authors. The debate opens on Tuesday, October 13, and Cryptoast says the solemn vote on the revenue part is set for October 20. The Senate follows, with final adoption expected by December 31, 2026.
On Thursday, October 8, the committee also adopted I-CF1822, from Sansu, which would extend France’s exit tax to unrealized gains on crypto portfolios worth more than €800,000 when a taxpayer tax-resident in France for at least six of the previous 10 years moves abroad. Paul Midy’s amendment exempting crypto used to pay for goods and services, up to €1,000 a year, had not been put to a vote by midday on October 9.