Stablecoin swaps: France plans the tax Germany has had for years

France wants to close a tax gap that Germany never had. On Wednesday, October 7, 2026, the finance committee of the National Assembly adopted an amendment to the 2027 budget bill under which swapping crypto assets into stablecoins will be taxed in future. It is due to apply from January 1, 2027. The amendment was tabled by Nicolas Sansu, a deputy for the left-wing GDR group. The same day, the committee adopted a second amendment that favours investors: losses on crypto assets should in future be carried forward for ten years. None of this is settled.