France Shreds Budget, Shelves Crypto Tax

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A stablecoin is a crypto token designed to track ordinary money, such as the euro. Swapping crypto for another crypto asset normally postpones French capital gains tax until you cash out into ordinary money.

A proposed change would tax gains on swaps into certain stablecoins. You could owe tax without taking money out.

Apparently moving between digital pockets needed a checkout counter.

That amendment passed 38–37, with 25 abstentions, on 16 October. Then, on 4 November, France's National Assembly rejected the entire 2027 budget revenue section: 0 for, 458 against, 2 abstentions.

Those were different votes. Lawmakers did not vote 458–0 against a crypto tax.

They rejected the section carrying it. The tax lost its transport, not a dedicated vote.

The government's original budget text now heads to the Senate without the Assembly's additions. Also sidelined: reporting self-custodied holdings worth at least €100,000 on 31 December.

Self-custody means controlling the keys that authorize movement of your crypto, rather than leaving that control with a platform.

The proposed increase in penalties for platforms withholding information also fell away.

The Senate is scheduled to start budget debates on 20 November, with revenue articles from 23 November. Senators could reintroduce the measures.

This is a procedural reprieve, not permanent tax relief.

Useful upside: distinguish an amendment passing from a law taking effect. Keep transaction records.

The paper shredder is not your accountant.

Source: Cointelegraph, 5 November 2026.

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