French MPs back crypto tax, and stablecoin swaps take the hit

French MPs voted on October 16 in a first reading to advance a crypto tax proposal that specifically targets stablecoin swaps, covering MiCA e-money tokens. The measure would take effect in January 2027, but only if it is ultimately enacted into law. For traders, the vote signals growing European regulatory pressure on stablecoin-to-stablecoin transactions, a tax treatment that could reduce swap volumes and add compliance costs for French-facing platforms.