Crypto-assets: end of tax deferral for exchanges into stablecoins and new acquisition cost rules
Article 150 VH bis of the General Tax Code is amended: the tax deferral on exchanges between crypto-assets would no longer apply to exchanges for e-money tokens within the meaning of Regulation (EU) 2023/1114 (MiCA), which would become taxable. The capital gain calculation is rewritten: the acquisition cost would be that of the crypto-assets sold (weighted average cost for identical crypto-assets bought at different prices) rather than a share of the portfolio's total acquisition cost. For crypto-assets acquired before 2027, the taxpayer would make an irrevocable choice between the documented actual cost and an allocation of the portfolio's total cost at 31 December 2026. Applies to sales and exchanges from 1 January 2027.
Measure originators
No official estimate found for this measure.
Measure impact
Crypto-asset holders converting into stablecoins would be taxed on the gain at that point, as for a conversion into euros. No official revenue estimate has been published.
Official references
Sources
Stated positions
Public statements by members of Parliament on this measure · 4 statements
« Pour ma part, je pense que le sursis dâimposition est pertinent compte tenu de la grande volatilitĂ© des cryptomonnaies. »
Translation: For my part, I think the tax deferral is relevant given the great volatility of cryptocurrencies.
16 October 2026Parliamentary debate · assemblee-nationale.fr« Il vise Ă supprimer le sursis dâimposition dont bĂ©nĂ©ficient, sans raison valable, les conversions de cryptoactifs en stablecoins. »
Translation: It aims to remove the tax deferral from which conversions of crypto-assets into stablecoins benefit without valid reason.
16 October 2026Parliamentary debate · assemblee-nationale.fr« Pourquoi une plus-value sur les cryptomonnaies serait-elle imposable lorsquâon la convertit en euros mais pas lorsquâon la convertit en stablecoins adossĂ©s Ă lâeuro ou au dollar ? »
Translation: Why should a capital gain on cryptocurrencies be taxable when converted into euros but not when converted into stablecoins backed by the euro or the dollar?
16 October 2026Parliamentary debate · assemblee-nationale.fr« Le sujet est important, mais il est compliquĂ© dâĂ©valuer le caractĂšre opĂ©rationnel de lâamendement de M. Sansu. »
Translation: The subject is important, but it is difficult to assess how workable Mr Sansu's amendment is.
16 October 2026Parliamentary debate · assemblee-nationale.fr
These statements are quoted verbatim with their source and date. They are separate from votes: only votes count in the analysis of political orientations. A position may have changed since.
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Procedure timeline
Follow the progress of this fiscal measure through the different stages of the parliamentary procedure.
Debate and vote
Débat et vote en séance publique à l'Assemblée nationale, ou engagement de la responsabilité du Gouvernement (article 49.3)
Debate and vote
Débat et vote en séance publique à l'Assemblée nationale, ou engagement de la responsabilité du Gouvernement (article 49.3)
Council of Ministers
Validation interne