The finance committee had earlier rejected the budget’s first part, following its examination from Oct. 7 through Oct. 9. The subsequent Oct. 16 vote established the full Assembly’s support for the individual stablecoin amendment, with 25 deputies abstaining.
A Tax Bill Before Cashing Out
Under current tax-authority guidance, crypto-to-crypto exchanges without a cash adjustment benefit from tax deferral. Private investors generally face a 31.4% flat levy on taxable gains—12.8% income tax plus 18.6% social contributions—with an option to choose the progressive income-tax scale.
The amendment would carve exchanges into e-money tokens out of that deferral. MiCA defines those tokens by their aim of maintaining a stable value against one official currency. The practical change is that an investor could crystallize a taxable gain while remaining in crypto, rather than first converting into conventional money. The amendment’s operative wording uses that token definition, rather than a list of approved issuers or trading platforms.
It also changes how gains are calculated: the provisional text uses the difference between disposal proceeds and the acquisition cost of the assets sold, with a weighted-average acquisition cost for holdings of the same asset purchased at different prices. For assets held before 2027, it offers a choice between substantiated acquisition costs and an allocation of the portfolio’s existing acquisition cost based on year-end values.
The Assembly’s published calendar schedules a vote on the second part and the entire 2027 budget for Nov. 17.