French lawmakers back stablecoin swap tax in 38-37 budget vote

What happened?

1. Amendment I-3898 to France's 2027 budget passed the National Assembly on Friday with 38 votes for, 37 against and 25 abstentions, out of 100 deputies participating, according to the Assembly's vote record cited by Decrypt.
2. From January 1, 2027, swaps of cryptocurrency into MiCA electronic money tokens would count as sales, with gains taxed at France's flat rate of 31.4%, up from 30% after the 2026 social security financing law raised social charges on capital income from 17.2% to 18.6%.
3. Each coin sold would carry its own averaged purchase price in place of a single portfolio-wide cost figure, under the cost-basis rewrite Decrypt describes.
4. For holdings bought before 2027, the text provides a one-off, irrevocable choice between documenting actual asset costs or spreading total portfolio cost across holdings valued on December 31, 2026.

France's National Assembly approved amendment I-3898 to the 2027 budget, which would treat swaps of cryptocurrency into MiCA electronic money tokens as taxable sales from January 1, 2027, by 38 votes to 37 with 25 abstentions. The text replaces a portfolio-wide cost figure with per-asset averaged acquisition costs and gives pre-2027 holders a one-off irrevocable cost-method election tied to a December 31, 2026 valuation, while MPs separately propose an exit tax on crypto holdings above €800,000.

A machine summary written from the reports listed below; read them for the full account. How summaries are made and what is checked.