France’s crypto tax trail just hit a parliamentary pothole. In the night of November 4, the National Assembly rejected the revenue section of the 2027 Finance Bill outright — and with it, the France stablecoin tax amendment that deputies had approved only days earlier on October 25, plus a mandatory reporting rule for self-custodied wallets above €100,000. The text now goes to the Senate in its original, crypto-clean form.
If you’ve been following the saga: we covered the stablecoin tax clearing its floor vote 38-37 two weeks ago, extending the 31.4% capital-gains levy to crypto-to-stablecoin swaps from January 1. That vote still happened. It just no longer counts — budget votes in France are a package deal, and this package was returned unopened.
What was in the France stablecoin tax package
Three adopted amendments died with the rejected text:
- Stablecoin conversion tax (I-3898): removing the tax deferral for swaps into MiCA e-money tokens from January 1, 2027 — the measure that would have made stablecoin trades taxable events at the same 31.4% rate.
- Wallet reporting (I-CF821): mandatory declaration of self-custodied holdings above €100,000, first filing due before June 15, 2027.
- DAC8 fine increase (I-CF1756): lifting the penalty on crypto platforms refusing to supply transaction information under the EU’s DAC8 regime from €10,000 to €50,000.
Two further measures adopted at committee stage — folding crypto into the exit tax above €800,000 and a ten-year carry-forward of realized losses — travelled with the same bill; their status after the vote is less clear-cut.
Why the budget vote killed it
The rejection was not about crypto at all. Deputies voted down the entire first part of the PLF 2027, reports indicate 458 against and 0 for, in a legislature where the majority has other priorities. Crypto amendments hitching a ride on the revenue bill therefore fell with everything else — a reminder that piggybacking tax policy on budget politics means your reform lives and dies with the budget.
What happens next: the Senate, November 20
The Senate takes up PLF 2027 from November 20, and the three crypto measures can re-enter as Senate amendments. A further 49.3 imposition remains possible if negotiations stall, which in French parliamentary habit is less a tail risk than a scheduling preference. For stablecoin holders and self-custody users in France, the practical status is: unchanged for now, unresolved by Christmas, and firmly in the hands of the upper house.
So the France stablecoin tax is dead — for the second time in its life. Whether it stays dead depends on senators who have three weeks to decide whether Europe’s second-largest economy wants to tax the euro-shaped corner of crypto before it has finished writing the rules.
