France postponed a vote on a budget bill that includes provisions on stablecoin taxation to Nov. 3, local time.

Blockchain outlet The Defiant reported on Oct. 20 that the provision would end, from January 2027, the deferral of taxes on gains generated when cryptocurrencies are exchanged for single-currency stablecoins.

The key issue is whether converting to a stablecoin should be treated as the point of taxation. Tax on gains from such transactions can currently be deferred, but if the amendment passes, tax could be levied at the stage of conversion into a stablecoin. It would shift the timing of tax collection rather than the tax rate itself.

The tax overhaul is being pursued as part of budget deliberations. It is not yet final and must pass additional parliamentary votes. The scope of application or the implementation timeline could still be adjusted in the process.

The amendment could affect how investors trade if they have been using stablecoins as cash-like standby assets. That is because it could become harder to defer taxes even if they sell cryptocurrencies and hold stablecoins instead of fiat currency.

In that case, shifting funds into stablecoins to reduce exposure to price volatility could also be tied to a tax burden. Even if an investor plans to buy other cryptocurrencies later, taxation at an intermediate step could affect how much money is available for reinvestment.

Detailed criteria for application also matter. Actual tax calculations could vary depending on how the scope of single-currency stablecoins is defined and what 기준 is used to assess asset value at the time of exchange. The market may need to look not only at the implementation schedule but also at how specifically the final rules set out what is taxable and how gains are calculated.

The next issue is whether the provision will be kept in the Nov. 3 vote or changed in subsequent deliberations. Attention is focused, in particular, on whether the targets for ending tax deferral and the January 2027 implementation schedule will be reflected as they are in the final wording.