France’s Stablecoin Swap Tax Faces Oct. 20 Budget Vote

French deputies approved an amendment by a single vote that would end tax deferral on conversions into single-currency e-money tokens, effectively taxing stablecoin swaps. If enacted, the change would take effect in January 2027 and still faces an October 20 budget vote. Traders in euro stablecoin markets should watch the vote, since removing deferral raises the cost of moving between stablecoins and could reduce on-chain swap volume in France.