France Approves 31% Tax on Some Stablecoin Trades Starting in 2027

France's parliament has approved Amendment I-3898, which removes tax deferral for trades into stablecoins that comply with the EU's MiCA rules. The change is scheduled to start in January 2027 and would subject the relevant gains to a 31% levy, according to the report.

For holders, the key shift is that moving crypto into a stablecoin could become a taxable event. Stablecoins are designed to track the value of another asset, often a currency such as the euro or U.S. dollar, but this amendment concerns their tax treatment—not whether they are permitted under MiCA.

What does the French stablecoin tax change?

The amendment, identified as I-3898, removes a tax deferral that applied to trades into MiCA-compliant stablecoins. Tax deferral generally means a person can postpone paying tax until a later event; under the approved change, that trade would no longer automatically receive that treatment.

The 31% figure is the rate reported for the levy. The available information does not specify how the rule handles individual circumstances, losses, or every type of stablecoin transaction, so holders should not assume every swap will have the same tax result.

What should French crypto holders do before 2027?

The start date gives holders time to check how their trading history and planned swaps may be affected. In particular, anyone who routinely moves volatile tokens into stablecoins to wait out market swings should distinguish that move from simply holding cash in a bank account: under the amendment, the crypto-to-stablecoin trade itself may have tax consequences.

The proposal also puts France's approach alongside other European tax changes: Germany has been planning a 25% tax on crypto gains from 2027, though its proposal retains a tax-free treatment for some assets held more than a year. The details differ, but both developments signal that European rules can make the timing and type of a crypto transaction matter—not just the profit ultimately withdrawn into euros. French holders should look for implementing guidance before the January 2027 start date.