French Lawmakers Advance Stablecoin Tax Amendment By Single Vote

A single-vote margin in France’s National Assembly opened a new front against digital cash routing on Friday. Lawmakers backed an amendment to the 2027 budget by 38 votes to 37, altering how French authorities tax swaps between cryptocurrencies and fiat-pegged stablecoins. Under existing rules, converting volatile tokens into stable assets incurs no capital gains liability until off-ramping into fiat. If finalized, the amendment eliminates that safe harbor. Traders shifting from bitcoin into dollar-backed tokens would immediately trigger a taxable event under French crypto tax rules.

The 38-to-37 division on stablecoin liquidity

The vote split the assembly along narrow fiscal lines. Supporters argued that parking gains in dollar-pegged reserves functions as realization of profit, while opponents maintained the tax would push settlement activity outside France. Treating stablecoins as taxable endpoints alters how retail and institutional desks manage collateral. Traders routinely route into stable assets during drawdowns to preserve purchasing power without exiting to bank wires. Taxing those rebalancing steps adds friction to automated liquidity pairs on European trading venues.

Settlement rails face legislative scrutiny

At 14:00 UTC Oct 18, CoinGecko recorded BTC changing hands at $81,922 with a market capitalization of $1,646.54 billion. Bitcoin circulating supply stood at 20.10 million coins, while total crypto market capitalization stood at $2.73 trillion, down 3.58% over the preceding 24 hours. The amendment remains an interim measure rather than binding statute. The 2027 budget proposal faces additional readings in the National Assembly and scrutiny in the French Senate before a final vote takes place. If adopted in the final finance bill, the rule will compel exchanges serving French residents to report stablecoin conversion receipts as capital dispositions. The French Senate will take up the budget text during its scheduled review cycle.