Taxation of stablecoins and postponement of the 2027 budget vote

By Ozapay — October 21, 2026

The vote on the revenue side of the 2027 budget has been postponed. At Ozapay, we see this as an opportunity to take a closer look at the consequences of taxing certain stablecoin conversions. And to save time for those who will have to weigh in, we have already prepared some reading material.

A vote now scheduled for November 3

Initially expected on October 20, the vote on the revenue side of the 2027 finance bill has been pushed back, as the examination of amendments has not been completed. It is this delay in the budget debates that explains the postponement. Source: Cryptoast.

The National Assembly's schedule calls for examination to resume on October 27, followed by a solemn vote on Tuesday, November 3 in the afternoon. This ballot will cover the entire first part of the budget, which includes the measure concerning certain stablecoin conversions. Source: Assemblée nationale.

The amendment in question has already been adopted in plenary session. Its application, however, remains contingent on the final adoption of the text. The debate therefore remains open. Source: Cryptoast.

To save time, our analysis is already ready

This delay is welcome. We hope it will also be used to examine the concrete consequences of this proposal, to listen to professionals, and to understand the use cases to which it would apply.

To save them time, we have already published our analysis:

Read our article on the taxation of stablecoins in France and digital sovereignty

A piece we offer to parliamentarians, their teams, and everyone who wishes to explore the subject in greater depth. The schedule leaves a little more time: let's devote part of it to practical questions.

Understanding what the measure would change

Amendment I-3898 aims to end the tax deferral for exchanges following which a taxpayer receives electronic money tokens within the meaning of the European MiCA regulation, which corresponds to certain stablecoins. For affected individuals, such a conversion could therefore trigger the taxation of any capital gain, even without conversion into traditional currency. The text provides for application starting January 1, 2027, subject to its final adoption. Source: amendment I-3898.

The key issue concerns the moment at which the gain becomes taxable and how this rule can be applied.

Take the case of a user who wants to reduce their exposure to market fluctuations. They exchange part of their cryptocurrencies for a stablecoin and keep these assets in their wallet. If this transaction falls within the scope of the measure, they would need to factor in its tax consequences in a decision about managing their exposure.

A serious study should examine this type of situation, as well as successive transactions, the availability of historical records, and users' understanding of the rules.

Assessing the consequences for users and businesses

At Ozapay, our concern relates to the complexity that this development could add to everyday use.

For individuals, more transactions likely to trigger taxation could increase the burden of tracking and reporting. We want parliamentarians to assess the resources needed to identify the transactions concerned, reconstruct their history, and understand their consequences before carrying them out.

For businesses developing wallets or payment interfaces, such a change could also create an increased need for explanations and support. The quality of a service also depends on its users' ability to understand what happens when they carry out a transaction.

These questions deserve concrete answers: how will the rules be explained? What records will users need to keep? How much adaptation time will they be given?

A tax rule must be understandable and applicable in the situations it aims to govern.

Turning this delay into a time for consultation

We want the public revenue objectives to be examined alongside the possible effects on use cases, implementation costs, and the competitiveness of French businesses.

In our view, digital sovereignty also means giving French players the conditions they need to design and develop their services. The clarity of the tax framework is part of those conditions. Any added complexity must be carefully assessed, taking into account its consequences for both users and the businesses that serve them.

This delay offers an opportunity to organize a useful exchange with tax professionals, developers, payment companies, and users. Confronting the text with concrete cases would help identify difficulties and explore possible adjustments.

The vote is postponed. Let us use this time to explore the subject in greater depth.

And for those who want to get started right now, our analysis is already available. We have prepared the reading; all that's left is to click.