France approves tax on crypto gains from stablecoin swaps

French lawmakers have passed a stricter tax rule for crypto investors with 38 votes in favor and 37 against. This proposal, which is not yet law, could change the way French citizens park capital gains in stablecoins without converting their money to euros. The new rule could come into effect from January 1, 2027, but the budget law is not yet final. Currently, individual investors in France pay 31.4 percent tax on realized crypto gains, with the option to choose a progressive income tax rate. Amendment I-3898 makes an exception to the tax deferral for swaps to stablecoins that are considered electronic money tokens under the European crypto regulation MiCA. This means that the tax deferral will lapse for swaps to tokens that are pegged to the value of an official currency.

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