France: Lawmakers Approve Stablecoin Tax Proposal in Committee

Deputies want to evolve the taxation of crypto-assets in France. On October 7 and 8, the Finance Committee of the National Assembly adopted several amendments to the 2027 budget. On the agenda: taxing conversions into stablecoins, extending the exit tax to unrealized capital gains, and allowing the deferral of crypto losses.

Stablecoins soon subject to tax

Until now, an investor could exchange their cryptos for stablecoins without triggering capital gains tax, as long as they did not convert their gains into euros. These tokens, generally pegged to the dollar or euro, thus escaped the flat tax of 31.4% applicable on sales.

But this situation could change. On the evening of October 7, the Finance Committee adopted amendment I-CF1826, submitted by Nicolas Sansu and sixteen deputies from the GDR group. The text targets electronic money tokens defined by the European MiCA regulation, notably stablecoins backed by an official currency.

Its authors denounce a “loophole in legislation” that deprives the State of tax revenue. To calculate the capital gain, they propose to use the acquisition price, with a weighted average for tokens of the same nature. The entry into force would be January 1, 2027, with a transitional regime for existing wallets.

Exit tax and losses, other changes

On October 8, the committee also adopted amendment I-CF1822. This would extend the exit tax to crypto-assets.

Specifically, the taxpayers concerned could pay tax on their unrealized capital gains exceeding 800,000 euros when they leave France, under certain residency conditions. The measure notably includes payment deferral and remission mechanisms in case of return.

In parallel, amendment I-CF798 by Daniel Labaronne, adopted on October 7, would allow deferral of crypto losses for ten years. Currently, losses exceeding taxable gains cannot be carried forward to subsequent years.

A tightening that goes beyond France

Other European countries are also considering changing their crypto taxation. Greece proposes a 10% tax on individual capital gains, with an exemption up to 500 euros of annual gains. Meanwhile, Germany is considering a 25% tax on crypto gains.

Furthermore, the European DAC8 directive has applied since January 2026. Platforms must collect identity data and transaction details of their clients to transmit to tax authorities. The first exchanges between states are expected in autumn 2027.

However, nothing is final yet. The National Assembly will begin examining the budget in a public session on October 13. Deputies will then need to defend these amendments again.

If adopted, investors might have to pay tax when exchanging their cryptos for stablecoins, without even withdrawing their funds into euros.