France’s National Assembly Votes 38 to 37 to Tax Crypto-to-Stablecoin Swaps From 2027

France's National Assembly passed a measure by a single vote, 38 to 37, to tax crypto-to-stablecoin swaps starting in 2027. In the same session, deputies rejected a 10-year loss carryforward provision by 75 to 18, removing a potential offset for traders. The razor-thin margin and 2027 start date limit immediate market impact, but the move signals tightening European tax treatment of stablecoin conversions that could deter French trading activity and set a precedent other jurisdictions may follow.