France Moves to Tax Crypto Swaps Into Stablecoins Under MiCA Rules
French lawmakers in the National Assembly voted on October 16 to approve Amendment I-3898, which proposes taxing capital gains on crypto-to-stablecoin swaps. This measure, currently part of the 2027 finance bill, targets MiCA-compliant e-money tokens that maintain a stable value against fiat currencies. Under current regulations, investors benefit from tax deferral when swapping between crypto assets, but this amendment would treat swaps into stablecoins as taxable events. The proposal also mandates a shift in cost-basis calculation to a weighted average method for assets sold. Simultaneously, the assembly rejected a separate proposal that would have allowed investors to carry forward crypto losses for ten years. These developments signal a tightening of the tax framework for digital assets within the European Union's regulatory environment. For the RWA market, this creates significant friction for users moving between volatile assets and tokenized fiat-pegged stablecoins, potentially impacting liquidity and adoption of regulated stablecoin products in France.