French Committee Backs Stablecoin Swap Tax and Crypto Exit Tax

Key points

• Committee adopted a tax on gains when crypto is swapped into stablecoins, effective Jan. 1, 2027 if enacted
• Exit tax would extend to unrealized crypto gains above 800,000 euros for those leaving France
• A ten-year carryforward for crypto losses was also adopted
• Full Assembly debate on the revenue section opens Oct. 12 and must re-vote each amendment

The finance committee of France’s National Assembly has adopted amendments to the 2027 budget bill that would tax gains realized when crypto is swapped into stablecoins and extend the country’s exit tax to unrealized crypto gains above 800,000 euros, according to French outlet Cryptoast. Decrypt also reported on the committee’s votes on Saturday. Both measures are proposed to take effect on January 1, 2027, and neither is law: they must be voted again when the full Assembly takes up the bill.

What the committee adopted on crypto taxes

Two of the adopted amendments were tabled by Nicolas Sansu of the GDR group, which includes communist and overseas lawmakers. Amendment I-CF1826 would tax capital gains made when crypto-assets are converted into stablecoins. Under current rules, Cryptoast notes, tax is triggered only when crypto is converted into traditional currency, so a swap into a stablecoin is not a taxable event. Cryptoast reported that the measure would apply only to stablecoins regulated under the European Union’s MiCA framework, meaning a swap into an unregulated stablecoin would reportedly fall outside it. The outlet did not give a tax rate for the proposal.

Amendment I-CF1822, also from Sansu, would extend the exit tax to unrealized crypto gains above 800,000 euros when a taxpayer moves their tax residence outside France. An exit tax charges people on gains that have built up but have not been sold at the moment they leave the country.

The committee also adopted amendment I-CF798 from Daniel Labaronne of the EPR group, which would let crypto capital losses be carried forward for ten years. Cryptoast said such losses currently cannot be carried over from one year to the next.

Proposals that did not pass

Not every crypto-related idea advanced. According to Cryptoast, the committee rejected an amendment from Eva Sas of the Ecologist group that would have replaced the real-estate wealth tax (IFI) with a broader personal wealth tax covering crypto-assets. It also rejected amendment I-CF847, which would have raised the flat-rate tax on investment income from 12.8% to 15.8%. An amendment from Paul Midy to exempt from tax, at acquisition, crypto-assets carrying voting rights granted to protocol contributors was declared inadmissible under Article 40 of the French constitution, which bars amendments that would reduce public revenue. Cryptoast said he can refile it in the full chamber.

What happens next

Committee votes do not settle the outcome. Cryptoast reported that plenary debate in the Assembly begins October 12 and that the text restarts from the government’s original version, so each adopted amendment has to win a new vote. Rejected amendments can be refiled.

After the Assembly, the bill goes to the Senate. Cryptoast said final adoption is expected by December 31, 2026.

The debate follows earlier French efforts to bring crypto holdings into wealth taxation. In the budget cycle for 2026, a crypto-inclusive wealth tax amendment passed the Assembly, a separate measure from the 2027 proposals described here.