French lawmakers back stablecoin swap tax in 2027 budget bill

What happened

France's National Assembly Finance Committee approved two crypto tax proposals this week. One would tax swaps into fiat-pegged stablecoins, the other would extend the country's exit tax to crypto investors. The committee then rejected the budget's entire revenue section by 31 votes to 3, so the full Assembly starts from the government's original text, without the amendments. Neither measure is law, and both still have to get through the rest of the legislative process. The full Assembly is scheduled to begin examining the 2027 Finance Bill on Tuesday, Oct. 13.

Amendment I-CF1826, submitted by French MP Nicolas Sansu and adopted Wednesday, would make crypto conversions into fiat-pegged stablecoins taxable events from Jan. 1, 2027. Sansu filed the stablecoin amendment with 16 co-signers from the left-wing GDR group. Gains would be calculated from the acquisition cost of the assets sold, with a weighted average for the same token bought at different prices. MP Daniel Labaronne's Amendment I-CCF798, also adopted Wednesday, would allow investors to carry forward realized crypto losses for 10 years. An exit tax amendment adopted Thursday would cover unrealized gains when taxpayers with household crypto holdings worth more than 800,000 euros ($895,000) transfer their residences abroad.

Why it matters

Today, swapping Bitcoin for a stablecoin triggers no tax in France, because the state collects only when gains are sold for regular money or spent. The authors of the stablecoin amendment describe that treatment as a loophole in the legislation. If enacted, investors could incur capital gains taxes without cashing out into fiat.

The exit tax targets gains that holders have not cashed in, charged when they move their tax residence abroad. Its authors argue that crypto held directly escapes the exit tax today while shares of the same value do not, and they flag how easily digital assets can be moved across borders. Its threshold is €800,000 for households, with moves from Jan. 1, 2027, where the taxpayer was a French resident for at least six of the previous 10 years. France and other EU members must apply DAC8, which requires crypto service providers to report users' identities and transaction data to national tax authorities, those requirements began on Jan. 1, 2026, and the first exchanges covering 2026 transactions are due by Sept. 2027. Greece's Ministry of National Economy and Finance published a draft bill proposing a 10% tax on individuals' crypto capital gains, with an exemption for annual gains of up to 500 euros ($560).

What the data shows

Committee vote on the budget's revenue section: 31 to 3. France's flat tax: 31.4%, after the social-charge portion rose from 17.2% to 18.6%. Crypto loss carry-forward: 10 years. Exit tax threshold: €800,000, reported by Cointelegraph as $895,000. In late October 2025, the Assembly voted 163-150 for a 1% annual levy on unproductive wealth above €2 million. Greece's exemption: annual gains up to 500 euros ($560). DAC8 reporting began on Jan. 1, 2026, and the first exchanges are due by Sept. 2027.

What is still unclear

• Both measures still have to pass the rest of the legislative process, and neither is law.
• Committee amendments do not carry over to the government's original text, so their backers would have to table them again for the floor debate that begins Oct. 13.
• The stablecoin amendment sets no rate of its own, it defers to France's flat tax.
• Under the exit tax proposal, taxpayers would file a statement of all crypto held on the date of the move, including assets abroad or in self-custody.

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