France Proposes a 31.4% Capital Gains Tax on Stablecoin Exchanges Starting in 2027

The French Parliament has passed an amendment to impose a 31.4% capital gains tax on stablecoin exchanges. According to Journal du Coin, on October 16, the French National Assembly approved Amendment I-3898 to the 2027 Budget Bill, proposing that, starting January 1, 2027, transactions converting crypto assets into electronic money tokens under the MiCA framework be subject to capital gains tax, with a flat rate of 31.4% applied to related gains—even if the proceeds are not converted into euros. The measure applies to stablecoins such as USDC and EURC. According to Chainalysis analysis cited in the report, USDT will not be covered by this measure. The amendment still requires further budget voting and review by the Senate and has not yet become law.