Stablecoins: the 16 October tax vote is not yet law

On Friday 16 October 2026, France's National Assembly adopted an amendment to the 2027 finance bill concerning conversions of cryptoassets into electronic money tokens. The official ballot confirms 38 votes in favour, 37 against and 25 abstentions. The adoption of this amendment is one stage in the parliamentary process. As of 19 October, it does not establish a tax already applicable to stablecoin holders. The ballot includes one hundred voters but only seventy-five votes cast: abstentions are not opposing votes. This difference explains the majority reached without attributing intentions to members who abstained.

What the amendment actually proposes

Submitted by Nicolas Sansu, amendment I-3898 seeks to change Article 150 VH bis of the General Tax Code. It would remove the benefit of deferral provided for certain exchanges without an additional payment when the seller receives electronic money tokens within MiCA's meaning. The text therefore targets a precise legal category. Without examining the assets' characteristics, it would be imprudent to claim that every product commonly called a stablecoin would be treated identically.

The proposal also changes the acquisition-price calculation and introduces a weighted-average rule for assets of the same nature purchased at different prices. It includes transitional provisions for assets acquired before 2027 and targets transactions from 1 January 2027. These elements appear in a proposal adopted in session; whether they remain in the final law is still to be established.

A difference from the currently published regime

Tax guidance published in BOFiP recalls that disposals for consideration trigger the regime for individuals, with an exception for exchanges without an additional payment between digital assets. Such an additional payment is supplementary consideration, notably monetary, paid during an exchange. The distinction between an exchange and a taxable disposal explains why moving from one cryptocurrency to another digital asset occupies a particular place in the debate.

The proposal would therefore seek to shift the moment at which a capital gain becomes taxable for covered operations. It is not a matter of mechanically levying a percentage on the entirety of every converted amount. The taxable base, acquisition price and possible capital losses are different questions from the rate. Presenting a uniform tax on all stablecoins would erase these distinctions and risk misrepresenting the amendment.

The budget must still complete its passage

The Assembly explains that finance bills undergo a particular process: first readings in both chambers, efforts to reach agreement and, depending on proceedings, further readings. A second deliberation may also occur before certain overall votes. The final text can therefore change after an individual amendment is adopted. Possible constitutional review and promulgation are further stages before publication of the applicable law.

The 16 October vote should therefore be followed for what it is: an important legislative signal adopted by one vote, rather than a tax obligation immediately in force. The number of voters does not change that distinction. Understanding concrete consequences will require consulting the definitively adopted wording, its timetable and implementation details. Meanwhile, announcing certain new taxation from 1 January 2027 would exceed what official documents establish.