When a government starts taxing the act of reducing risk, the rules of the game have changed. On October 7, 2026, France’s Finance Committee passed Amendment n° I-CF1826 to the 2027 draft budget bill. It passed 38 to 37. The amendment does something that sounds technical but has a very practical consequence: it ends the tax deferral on crypto-to-stablecoin conversions. Under current French law, swapping crypto into a stablecoin is treated as a crypto-to-crypto exchange, which defers tax until you actually convert to euros or spend the money. From January 1, 2027, that changes. Swapping into a MiCA-compliant stablecoin, which covers most major fiat-pegged tokens, becomes a taxable event at France’s existing 31.4% flat tax rate.