Update
France’s Crypto Tax Proposal Changes Bitcoin-to-USDC Swaps
France's National Assembly Finance Committee has approved a proposal that would change how gains or losses are calculated when investors swap Bitcoin into MiCA e-money tokens such as native USDC. The amendment would end deferral for swaps into MiCA e-money tokens and change the acquisition basis used to calculate gains. If enacted, the proposal would apply to disposals and exchanges from January 1, 2027. For an investor selling Bitcoin exposure into USDC, the consequence would be a change in the tax timing of a risk-reduction trade. A gain could become reportable while the proceeds remain in a crypto wallet or exchange account. However, the proposal also changes the cost deducted from those proceeds, and gives older holdings a transition choice. The amendment would remove the exchange deferral when the investor receives e-money tokens as defined by the EU's Markets in Crypto-Assets regulation, or related rights. The operative wording targets the asset received. A swap out of Bitcoin into a qualifying token could therefore recognize a gain before any later cash withdrawal.