#法国议会推进加密兑稳定币征税
[Old Leek Watch] French parliament narrowly passes stablecoin tax amendment: $BTC exchanged for USDT may be taxed in the future
The French National Assembly recently reviewed the 2027 budget bill and passed a tax amendment concerning the exchange of crypto assets for stablecoins, with 38 votes in favor and 37 against.
What makes this news worth watching is not just whether France will collect more taxes, but that it could change the tax cost investors face when switching between different assets.
First: BTC and $ETH may be taxable even when exchanged for stablecoins. Under the current framework, individuals typically incur capital gains tax when exchanging crypto assets for fiat currency, while exchanges for qualifying fiat-pegged stablecoins are currently eligible for tax deferral. This amendment seeks to eliminate that distinction. If it ultimately takes effect, investors selling BTC or ETH for USDT or USDC may have to recognize taxable gains even if the funds are not withdrawn to a bank account.
Second: USDT and USDC may no longer be just safe havens for parking funds. When markets are volatile, many traders first exchange BTC or ETH for stablecoins, then buy back in when opportunities arise. If each conversion into stablecoins could create a tax liability, the record-keeping and reporting costs of frequent trading may rise. However, the specific tax impact will still depend on the final text, applicable conditions, and implementation date.
Third: the regulatory direction across Europe. Stablecoins are becoming important tools for trading, payments, and on-chain settlement. France’s amendment raises a policy question: as stablecoins increasingly serve the same purposes as fiat currency, should tax law continue to treat them differently from other crypto assets? However, a parliamentary amendment in France does not mean the EU has adopted a uniform rule.
[Old Leek Watch] French parliament narrowly passes stablecoin tax amendment: $BTC exchanged for USDT may be taxed in the future
The French National Assembly recently reviewed the 2027 budget bill and passed a tax amendment concerning the exchange of crypto assets for stablecoins, with 38 votes in favor and 37 against.
What makes this news worth watching is not just whether France will collect more taxes, but that it could change the tax cost investors face when switching between different assets.
First: BTC and $ETH may be taxable even when exchanged for stablecoins. Under the current framework, individuals typically incur capital gains tax when exchanging crypto assets for fiat currency, while exchanges for qualifying fiat-pegged stablecoins are currently eligible for tax deferral. This amendment seeks to eliminate that distinction. If it ultimately takes effect, investors selling BTC or ETH for USDT or USDC may have to recognize taxable gains even if the funds are not withdrawn to a bank account.
Second: USDT and USDC may no longer be just safe havens for parking funds. When markets are volatile, many traders first exchange BTC or ETH for stablecoins, then buy back in when opportunities arise. If each conversion into stablecoins could create a tax liability, the record-keeping and reporting costs of frequent trading may rise. However, the specific tax impact will still depend on the final text, applicable conditions, and implementation date.
Third: the regulatory direction across Europe. Stablecoins are becoming important tools for trading, payments, and on-chain settlement. France’s amendment raises a policy question: as stablecoins increasingly serve the same purposes as fiat currency, should tax law continue to treat them differently from other crypto assets? However, a parliamentary amendment in France does not mean the EU has adopted a uniform rule.