French Assembly Backs Stablecoin Swap Tax by One Vote in 2027 Budget Amendment

French lawmakers voted 38-37 on Friday to make cryptocurrency-to-stablecoin swaps a taxable event, according to the National Assembly's vote record. Twenty-five deputies abstained, leaving the measure exactly at the 38-vote majority threshold. Amendment I-3898 to the 2027 budget would treat swaps into MiCA-regulated e-money tokens as sales starting January 1, 2027. Gains would be taxed under France's flat tax, raised from 30% to 31.4% after the 2026 social security financing law lifted social charges on capital income to 18.6%. The text also requires per-coin cost basis tracking rather than a single portfolio figure, with pre-2027 holdings subject to a one-off choice between documented actual costs and spreading total portfolio cost across holdings as of December 31, 2026. The government opposed the measure. Public Accounts Minister David Amiel sought its withdrawal, arguing stablecoins need a legal definition and that the state must be able to trace portfolio reallocations. The Assembly votes on the full revenue section Tuesday before the budget moves to the Senate. None of the measures is law yet.