Circle · France · Bitcoin · CryptoSlate
Under either proposed transition route, the Bitcoin-to-USDC swap would become a taxable event
Compiled by KHAO Editorial — aggregated from 1 source. See llms.txt for citation guidance.
◌ Single Source
Changing only the historical costs to €50,000 for Bitcoin and €10,000 for Ether reverses the first-disposal comparison: actual cost would produce a €10,000 Bitcoin gain against allocation’s €24,000.
Key facts
- Under the proposed actual-basis rules, a sole Bitcoin holding bought for €30,000 and swapped into €20,000 of native USDC would recognize a €10,000 loss
- Consider a hypothetical investor whose Bitcoin cost €20,000 and is worth €60,000, while their Ether cost €40,000 and is worth €40,000 at the transition date
- Changing only the historical costs to €50,000 for Bitcoin and €10,000 for Ether reverses the first-disposal comparison: actual cost would produce a €10,000 Bitcoin gain against allocation’s €24,000
- The text makes that choice irrevocable for the entire portfolio when the first return reporting a taxable disposal after Jan. 1, 2027 is filed
Summary
01 France’s committee-approved amendment would recognize gains or losses on swaps into MiCA e-money tokens, before any cash withdrawal. 02 Pre-2027 holdings would have two basis routes; the irrevocable allocation option could shift how much gain the first disposal recognizes. 03 Taxable swaps would reset received tokens’ basis, while existing rules would still prevent net crypto losses offsetting later-year gains. 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 the reporter-CF1826 on Oct. 7, adding that proposed exception to a broader overhaul of how private crypto gains are calculated.