France’s tax proposal would tax Bitcoin-to-USDC swaps before investors cash out

France’s proposed crypto tax changes would make a move from Bitcoin or Ether into certain stablecoins a taxable disposal, even if the investor never withdraws cash. The National Assembly’s Finance Committee adopted amendment I-CF1826 on Oct. 7 , adding that proposed exception to a broader overhaul of how private crypto gains are calculated. The provision would apply to disposals and exchanges from Jan. 1, 2027 if enacted. For an investor selling Bitcoin exposure into USDC, the consequence would be a change in the tax timing of a risk-reduction trade.