France's National Assembly Advances 31.4% Tax on Stablecoin Conversions, Passing by a Razor-Thin 38-37 Vote - BigGo Finance

France's National Assembly has advanced a proposal to apply a 31.4% tax on stablecoin conversions, clearing the chamber by a single vote, 38-37. The narrow margin underscores how contested the measure remains at this stage of the legislative process. The vote is a procedural step rather than final enactment, meaning the proposal still faces further parliamentary review before it could become law in its current form.

The development matters because stablecoins are widely used as a bridge between traditional currencies and digital assets. A tax at this level on conversions could raise the cost of moving between stablecoins and other holdings for users in France, and market participants will be watching whether the scope covers exchanges involving fiat, other crypto assets, or both. The precise definitions in the final text will largely determine its practical reach.

For now, the key things to watch are the amendment process, any changes to the rate or scope, and how the measure interacts with broader European crypto rules. The razor-thin margin suggests the proposal could still be revised or rejected in later stages, so the outcome is not settled.