Budget 2027: where is the tax on stablecoins?

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The deputies rejected the revenue side of the Social Security budget on Friday by 115 votes to 1 and sent it to the Senate without a single one of their amendments. The tax would disappear with the crypto exit tax and the declaration of wallets if the state budget suffered the same fate.

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Amendment I-3898 bears the signature of Nicolas Sansu (GDR). It passed on October 16 by 38 votes to 37, with 25 abstentions. Olivia Grégoire (EPR) is among the “for” although she wanted to vote against, according to her statement. A clarification never changes the result of a vote.

The text removes the tax deferment from which conversions of cryptos to a stablecoin backed by an official currency currently benefit, what the European MiCA regulation calls an electronic money token. No new rates appear. The capital gain realized during the exchange would fall under the flat tax of 31.4% from January 1, 2027.

Concretely, selling ether for USDC would trigger tax without a single euro arriving in your bank account. A gain of 40,000 euros would bring 12,560 euros to the tax authorities. The return to the euro would not be taxed a second time.

Friday October 23, all groups voted against the revenue part of the Social Security financing bill (PLFSS). Only elected officials from the central bloc (Together for the Republic, Les Démocrates, Horizons) abstained. Without adopted revenues, the expenses part was not even examined.

The numbers explain the disarray. The government was targeting a 12.7 billion euros Social Security deficit in 2027, compared to 21.8 billion this year. The version amended by the deputies brought it to 24 billion, according to LCP. “The result is a text that is wildly irresponsible,” scathed Cyrille Isaac-Sibille, deputy of the Democrats.

The solemn vote scheduled for Tuesday is canceled. The Senate will examine the text from November 9 in the version tabled by the government of Sébastien Lecornu. The executive will be able to apply it by ordinance if nothing is adopted before November 26 at midnight, the expiration date of the constitutional deadline of 50 days. No government has ever done this.

The debates resume on Tuesday and must end on Monday, November 2. The solemn vote on the first part is scheduled for the afternoon of November 3, according to the National Assembly calendar. Two other crypto measures are still waiting their turn. The extension of the exit tax to households holding more than 800,000 euros of cryptos exists in two versions, Nicolas Sansu's I-3904 and the Socialist group's I-3432. Charles de Courson (LIOT) defends with I-2701 the declaration of self-hosted wallets beyond 100,000 euros.

Machine-translated from French