French Assembly Backs Tax on Crypto-to-Stablecoin Swaps by One Vote

France's National Assembly narrowly passed a 2027 budget amendment, by a single vote, that would end tax deferral on crypto-to-stablecoin swaps starting January 1. The measure targets conversions into single-currency stablecoins, meaning such swaps would become taxable events rather than deferred exchanges. The amendment is not yet law and still faces the full legislative process, but if enacted it would raise the tax cost of moving between crypto and stablecoins for French holders, a modest headwind for local trading activity.