French Committee Backs Proposed Stablecoin Swap Tax

France’s National Assembly Finance Committee has approved a proposal to tax conversions from cryptocurrency into qualifying fiat-pegged stablecoins, treating them as taxable sales from January 1, 2027. The measure, Amendment ICF1826, is not law and must be considered again in the Assembly’s budget debate to advance. Under the proposal, a gain would be measured against the acquisition cost of the cryptoasset exchanged. For holdings of the same token bought at different prices, the amendment specifies a weighted-average method for calculating that cost basis. The change would trigger taxation when crypto is converted into a qualifying stablecoin, even if the holder does not cash out into euros or another traditional currency. The amendment was submitted by lawmaker Nicolas Sansu. Its explanatory text argues that current rules allow gains to remain untaxed when investors exchange crypto for stablecoins, whereas sales for fiat currency are taxable. That rationale is the sponsors’ position; the committee vote does not establish that the current treatment has caused tax losses. The proposal does not specify a separate tax rate.