France Shelves Stablecoin Tax After Assembly Rejects Budget

France's National Assembly rejected the revenue section of the 2027 finance bill on Nov. 4 by 458 votes to 0, with 2 abstentions, the official Assembly voting record shows.

The rejection wipes Assembly-added amendments from the text that now goes to the Senate, including a measure that would have taxed gains when crypto is converted into MiCA-compliant stablecoins, Journal du Coin reported. The Defiant said the crypto measures could return through Senate amendments, with budget debate there scheduled to begin Nov. 20.

What the stablecoin amendment would have done

Amendment I-3898, sponsored by lawmaker Nicolas Sansu, would have ended the tax deferral on exchanges of crypto for MiCA-compliant stablecoins, Journal du Coin reported. Under that text, converting bitcoin into a euro- or dollar-tied stablecoin such as USDC would have become a taxable event from Jan. 1, 2027, at France's flat tax rate of 31.4%. The amendment passed the Assembly on Oct. 16 by 38 votes to 37 and lasted 19 days before the revenue section fell.

How French budget procedure works after a first-reading rejection: the government sends the Senate its original bill, not the amended Assembly version. Senators can reintroduce taxes by amendment. Journal du Coin said five crypto-related amendments adopted in the finance committee also drop with the revenue section. Nothing stops the Senate from writing them back in, or a later joint committee from reviving them.

The Assembly vote was unanimous against among those who cast a yes or no. The Assembly's own news note confirms the first-reading rejection of the finance bill's first part. For U.S. readers, the practical stake is whether euro-area holders keep the current deferral when they move into regulated stablecoins, and whether similar wallet-reporting ideas return in the upper house.

In our opinion: the clock to watch is Nov. 20, when the Senate opens the finance debate. The stablecoin conversion tax lived for 19 days on a one-vote margin, then died with a 458–0 revenue rejection. If the Senate majority declines to revive it, the next forks are a joint committee or a fresh Assembly reading, and the Sansu text is not guaranteed a return.