French lawmakers approved an amendment that would end tax deferral on conversions into single-currency e-money tokens, the stablecoin category that includes euro- and dollar-pegged tokens. The measure passed by a single vote. If enacted, the change would apply from January 2027, but it first faces a budget vote on October 20.
What the amendment changes
The amendment targets a narrow slice of crypto taxation: swaps from other assets into single-currency e-money tokens. Under current rules, those conversions can qualify for deferral, meaning the gain isn't taxed at the moment of the swap. The amendment would remove that treatment, so the conversion becomes a taxable event. The text doesn't touch other crypto-to-crypto swaps, and it doesn't change the tax treatment of holding or selling the tokens themselves. It's a single-issue fix aimed at a specific token category.
The one-vote margin
A single vote separated passage from rejection. That margin matters because it signals how fragile the measure is as it moves into the broader budget process. Amendments that survive by one vote can be reopened, amended again, or dropped depending on how the coalition holds together on the larger spending bill. The October 20 budget vote will be the next test of whether the stablecoin provision stays in the text.
Why 2027 matters for holders
The January 2027 start date gives taxpayers and platforms more than a year to adjust if the measure becomes law. For individuals who routinely move between crypto assets and stablecoins, the change would mean tracking gains at the point of conversion rather than deferring them. Tax software providers and exchanges that generate reports would need to handle the new treatment. The date also leaves room for further legislative changes before the rule takes effect.
The budget vote ahead
The amendment is now attached to a budget bill, which means its fate is tied to the broader fiscal package. The October 20 vote will determine whether the stablecoin provision advances or gets stripped out during negotiations. If the budget fails or the amendment is removed, the tax deferral stays in place. If it survives, the January 2027 date becomes the operative deadline for holders and platforms to prepare.
