Journal du Coin and Cointribune report that France's National Assembly adopted amendment I-3898 during debate on the 2027 finance bill, a move that would make some crypto-to-stablecoin conversions taxable under article 150 VH bis. The supplied flash says the vote was 38 to 37, with 25 abstentions, and that the proposal would apply a 31.4% rate from January 1, 2027, if it clears the remaining legislative process.

What Amendment I-3898 Would Change

The reported change is narrower than a blanket “stablecoin tax.” Journal du Coin and Cointribune describe amendment I-3898 as modifying article 150 VH bis of the French General Tax Code by removing an exception for exchanges into electronic-money tokens as defined under the EU's MiCA framework. In practice, that would treat a covered crypto-to-stablecoin conversion as a taxable disposal under France's individual digital-asset gains regime.

This matters because the proposal is framed as closing a route that, according to the reporting, allowed investors to move gains into certain regulated stablecoins without immediate tax recognition. The supplied research identified an official National Assembly amendment document for I-3898 dated October 10, 2026, supporting the amendment's existence. However, the full readable primary text was not provided here, so every operative detail cannot be confirmed directly.

Who the Proposal Appears to Affect

The provision cited in the reporting, article 150 VH bis, is the framework used for individual digital-asset capital gains. The most cautious reading is therefore that the proposal directly concerns individuals whose crypto gains fall under that regime, rather than every possible business, institutional, or professional crypto activity.

There is also an important rate distinction. The supplied flash says the proposal would apply 31.4% to covered conversions, while a cited 2024 BOFiP tax-guidance page states that gains under article 150 VH bis are generally taxed at 12.8% income tax plus 17.2% social levies, for a 30% combined benchmark. The supplied evidence does not establish whether 31.4% reflects a revised calculation, a different basis within the budget proposal, or media shorthand. That figure is therefore best treated as part of current reporting on the amendment, rather than as settled current law.

Why the Measure Is Not Law Yet

Assembly-stage adoption is not the same as final enactment. CoinDesk and Cointribune say the measure still faced further budget-process handling and Senate review, meaning it had not yet become effective law in the supplied evidence. That is the clearest answer to the main reader question: France has advanced the amendment, but the tax change is not established as being in force.

The supplied flash also says a vote on whether to send the bill to the Senate was scheduled for October 20, though no official agenda or procedural notice was provided here to confirm that step directly. There is also a narrow date discrepancy around the reported plenary adoption: the flash places it on October 17, while Journal du Coin and Cointribune describe the public-session adoption as taking place on October 16. What is consistent across the reporting is the current status: the proposal remains part of an unfinished legislative process, and any reported January 1, 2027 start date depends on it being retained and enacted.