Daily Observation of Cryptocurrency Policy: France's 2027 Budget Proposal Faces Obstacles, Plan to Expand Capital Gains Tax on Stablecoins Will Return to the National Assembly

Policy Intent: Incorporating Compliant Stablecoins into the 31.4% Capital Gains Tax Net

With the full implementation of the European Union's Markets in Crypto-Assets Regulation (MiCA), the French tax authorities are attempting to extend their tax reach into the on-chain fiat ecosystem.

In the initially submitted French 2027 budget proposal, the government proposed a significant tax reform aimed at crypto investors: to officially expand the current 31.4% flat capital gains tax applicable to cryptocurrency investments to include transactions involving "stablecoins regulated by the EU." In the past, many European investors used stablecoins as a safe-haven asset, engaging in swing trading between different cryptocurrencies to temporarily avoid tax triggers when withdrawing fiat. The French government's move aims to fill this tax gap in "crypto-to-crypto trading," attempting to treat stablecoins regulated by MiCA as equivalent to fiat currency, thereby directly triggering capital gains tax calculations when converting to stablecoins.

Finance Committee Rejects: Revenue Portion Cut Off

However, this radical tax expansion plan encountered significant political resistance at the first legislative hurdle.

In the subsequent review process, the French Parliament's Finance Committee overwhelmingly rejected the "revenue portion" of the government's 2027 budget proposal with a vote of 31 in favor and 3 against. Although this rejection was based on macro-political maneuvering and overall fiscal disagreements (not solely targeting cryptocurrency provisions), it led to a direct consequence: all revenue-related provisions, including the stablecoin tax amendment, were temporarily shelved and could not smoothly enter the next stage of the legislative process.

Subsequent Direction: National Assembly Full Session Debate, October 20 as a Key Node

The Finance Committee's rejection does not mean the stablecoin tax plan is completely dead; rather, it has pushed it into a more complex and public political arena.

According to France's legislative procedure, since the Finance Committee failed to pass the revenue portion at the committee level, the original draft of the budget proposal (including the crypto tax provisions) must be submitted again to the National Assembly's plenary session for extensive debate. Lawmakers are scheduled to vote on the revenue portion of the budget proposal on October 20.

Tax Boundaries and the Liquidity Game of Crypto in the MiCA Era

Considering the policy dynamics of the European crypto market in mid-October, France's attempt to tax stablecoins in the 2027 budget proposal reflects the tax anxieties of European sovereign nations under the MiCA framework. If the National Assembly approves the stablecoin tax provisions on October 20, France will become one of the countries in Europe implementing the strictest tax policies on stablecoin circulation, which will undoubtedly significantly reduce the trading frequency of domestic crypto investors and may prompt some high-net-worth liquidity to shift to neighboring European countries with more tax-friendly policies. This upcoming parliamentary vote will serve as an important test of France's inclusiveness towards Web3 innovation.

Source: https://bbx.com/ Crypto Concept Stock Information Database, compiled based on yesterday's announcements from global listed companies and SEC/TSE disclosure documents.