The French National Assembly is reported to have adopted Amendment I-3898 during debate on the 2027 Finance Bill. Media reports say the measure would make some crypto-to-stablecoin swaps taxable, rather than deferring tax until conversion into fiat currency or a spending event. The proposal is described as a measure for 2027, not a rule already in force.

What Amendment I-3898 would change for stablecoin swaps

Current reporting points to a genuine change in the timing of taxation. The supplied flash says investors could trigger capital-gains tax when exchanging Bitcoin or other cryptoassets for stablecoins, even without converting into fiat currency.

The Paypers describes the proposal more narrowly than that shorthand suggests. According to its account, the amendment concerns swaps into MiCA-defined electronic money tokens, a legal category narrower than all tokens casually referred to as stablecoins. On that reading, the proposal would end the tax deferral otherwise reported for certain crypto-to-crypto exchanges without a cash component, treating a covered swap as a taxable disposal instead.

The distinction matters because it changes when gains are recognized. A holder moving from a volatile cryptoasset into a covered token could face tax at the point of the swap, rather than waiting until euros are withdrawn or the proceeds are spent.

The reporting also means readers should not assume every stablecoin is automatically covered. Without the amendment text itself, the most cautious description is that media reports link the proposal to MiCA electronic money tokens, rather than to every asset the market calls a “stablecoin.”

Reported vote, scope and proposed start

Current reporting on I-3898 can be summarized as follows:

Why the 31.4% figure and 2027 timeline need care

The reported Assembly vote does not by itself make I-3898 final law. The supplied flash places the amendment within the broader 2027 Finance Bill process, while KuCoin News, citing Journal du Coin, says further budget review and Senate consideration remain necessary before any proposed 2027 start.

There is also an important unresolved issue surrounding the widely shared 31.4% figure. KuCoin presents the proposal as a 31.4% flat tax on gains from covered conversions, while The Paypers says the amendment does not create a new rate but applies France's existing flat-tax framework to a transaction type that had benefited from deferral. The reported operative change, therefore, is the taxable event; the applicable rate still requires the official amendment text to be clarified conclusively.

The flash also mentions a rejected proposal to allow realized crypto losses to be carried forward for 10 years, as well as two other crypto tax proposals: I-CF1822, which would extend exit tax to unrealized gains above a reported €800,000 crypto portfolio threshold, and I-2701, which would require declaration of self-custody holdings above a reported €100,000 threshold. These proposals form part of the same political backdrop, but their precise status and wording are not established here beyond the supplied flash.