A day after France's exit tax on crypto died with the 2027 budget's revenue section, the related measure underneath it came into focus. The amendment would apply France's existing 31.4% capital gains rate to swaps out of assets like bitcoin into EU-regulated stablecoins classified as electronic money tokens under MiCA, starting January 1, 2027. Crypto-to-crypto swaps are currently untaxed in France; tax applies when a holder cashes out or spends. The design problem is visible on its face, since the proposal names USDT, DAI and PAXG as outside its scope, which means the tax would fall on the compliant instruments and not the unregulated ones. Chainalysis France chief executive Francois Volpoet put the question directly to CoinDesk: do you want more taxpayers declaring assets, or a higher rate on a base that is increasingly evaded. The same amendment package would require disclosure of self-custodied wallets holding at least 100,000 euros, with fines up to roughly $11,600, and would let crypto losses carry forward 10 years. None of it is law. The finance committee adopted the amendments on October 7 then rejected the revenue section 31 to 3, so the full Assembly votes on revenue October 20, with the budget due to pass by December 10.