French lawmakers have advanced a proposal to tax gains on swaps into MiCA e-money tokens, while rejecting a separate measure for a ten-year crypto-loss carryforward. The decisions came during the first reading of the 2027 finance bill on October 16, with the stablecoin tax provision passing by a narrow margin of 38 to 37, while the loss carryforward was defeated 75 to 18.
The proposed tax change would apply to covered swaps involving MiCA e-money tokens, which are crypto assets designed to maintain stable value by referencing an official currency. Under current French rules, crypto-to-crypto exchanges without cash payments allow tax deferral, but the new amendment would remove this deferral for swaps into qualifying stablecoins. This means gains could become taxable even if the proceeds remain in crypto.
The calculation of taxable gains would consider the appreciation above acquisition cost, with documented fees accounted for. The proposal also introduces a weighted-average acquisition cost for same-kind assets bought at different prices. For pre-2027 holdings, investors could use documented actual costs or allocate existing portfolio acquisition cost across all holdings by their December 31 values.
The defeat of the separate proposal, I-3653, means the existing same-year crypto-loss offsets remain in place. Net losses cannot carry into subsequent years or offset gains on other asset categories. The final budget text will determine whether the stablecoin tax provision takes effect from January 1, 2027.