French lawmakers have proposed taxing gains when cryptocurrencies are exchanged for fiat‑pegged stablecoins that fall under MiCA, even without conversion to fiat.

Key elements of the proposal

The draft would tax profit arising from such exchanges at a rate of 31.4%, applied to the gain rather than the full amount exchanged.

The measure is proposed to take effect on 01.01.2027, according to texts circulating in the parliamentary process.

Legislative progress and current status

A relevant committee initially backed an amendment introducing this tax treatment, signalling preliminary political support for the concept.

Subsequently, the committee voted to reject the revenue portion of the broader budgetary package, leaving the tax proposal without legal force.

Because the revenue element was dismissed, the initiative must be reintroduced and negotiated again before it can become law.

Practical implications

If enacted as drafted, taxpayers could incur a tax liability at the moment of swapping crypto into eligible stablecoins, even absent fiat withdrawal.

The proposal targets tokens that are pegged to a single currency and meet the definition set out by the Markets in Crypto‑Assets regulation (MiCA).

Next steps

Lawmakers will need to refile the revenue measure or include an equivalent provision in a subsequent bill to advance the proposal.

Until such legislative action succeeds, the proposed tax treatment remains a parliamentary proposal rather than binding law.