UPDATED 19:55 UTC, 20 Oct. The Assembly has now set the solemn vote on the revenue half of the 2027 budget for Tuesday 3 Nov, in the afternoon sitting after Questions to the Government, which starts at 15:00 Paris time (14:00 UTC). Debate on the revenue part resumes on Tuesday 27 Oct and runs to Monday 2 Nov, the Assembly said; the agenda set by its Conférence des présidents on 20 Oct also puts the solemn vote on the social security budget on 27 Oct. The stablecoin-swap tax stays in the text until that vote.

At a glance

  • France’s National Assembly will not hold Tuesday’s solemn vote on the revenue half of the 2027 budget, because deputies have not finished the amendments, LCP-Assemblée nationale reported. More than 2,600 were still waiting when Monday’s sitting ended at midnight, according to Cryptoast.
  • Deputies move to the social security budget this afternoon. Debate on the state budget, including the tax on crypto-to-stablecoin swaps, is expected to resume around 27 Oct.

The solemn vote had been set for Tuesday after Questions to the Government, usually from 15:00 Paris time (13:00 UTC). LCP, the Assembly’s parliamentary channel, said on Monday that 2,828 of the 3,396 amendments tabled on the revenue part were still to be examined before that day’s sitting began.

Why the calendar moved

Two constitutional clocks are running. Under Article 47-1, the Assembly has 20 days from tabling to finish its first reading of the social security financing bill (PLFSS); this year that period ends on Tuesday 27 Oct, LCP said. Under Article 47, it has 40 days for the first reading of the state budget (PLF), which ends on 17 Nov and covers both revenue and spending.

The social security bill therefore goes first. The state budget returns once it is done, or earlier if deputies reject the PLFSS revenue part, LCP reported. The Assembly had not published a new date for the revenue vote, Journal du Coin said on Tuesday.

What is pending for crypto

The main crypto measure is amendment I-3898, tabled by Nicolas Sansu and other deputies of the Democratic and Republican Left group. It would end the tax deferral on swaps from crypto into e-money tokens as defined by MiCA, the EU’s crypto-markets regulation, from 1 Jan 2027.

Deputies adopted it on 16 Oct by 38 votes to 37, the vote record shows. As CryptoWatchDesk reported in the 38–37 floor vote, the government asked for its withdrawal. Adoption in a sitting is not law: the revenue part as a whole must still pass, and then the Senate takes its turn.

Two other crypto amendments have not been reached, according to Journal du Coin: an exit tax on crypto holdings above €800,000 (I-CF1822) and a duty to declare self-custody wallets holding more than €100,000 (I-2701). The finance committee backed a crypto exit tax on 8 Oct, then rejected the revenue part as a whole, which is why the floor debate works from the government’s text (the committee votes in early October).

The government of Sébastien Lecornu has no majority in the Assembly, LCP and Cryptoast noted. If the revenue part is rejected, the bill goes to the Senate on the government’s original text, without the deputies’ amendments, Cryptoast said. The government could also use Article 49.3, which adopts a text without a vote unless a censure motion succeeds.

What happens next

  • Tue 20 Oct, afternoon (Paris): first reading of the social security budget begins.
  • Tue 27 Oct: the Assembly’s 20-day limit for the PLFSS first reading ends; solemn vote on the social security budget, then the revenue-part debate resumes (to Mon 2 Nov).
  • Tue 3 Nov, afternoon (from 14:00 UTC): solemn vote on the revenue part of the 2027 budget, including the stablecoin-swap tax (added 20 Oct).
  • 17 Nov: the 40-day limit for the PLF first reading ends.
  • 17 Dec: the 70-day limit for Parliament as a whole ends; after that, the government may enact the budget by ordinance, LCP said.

For readers holding stablecoins, nothing changes yet: the swap would only be taxed from 1 Jan 2027, and only if the measure survives. For how other countries are handling crypto tax this month, see Korea’s exchanges and its own crypto tax and what a MiCA-compliant stablecoin is.

This is a news report on proposed legislation, not tax advice.

This article is for information only and is not investment advice.