TL;DR
- France’s Finance Committee approved a proposal to tax cryptocurrency conversions into fiat-pegged stablecoins starting in January 2027.
- Another amendment would extend the exit tax to unrealized gains held by investors who move abroad and have more than €800,000 in cryptocurrency holdings.
- The proposals are part of the 2027 budget bill and still require approval from the National Assembly.
The Finance Committee of France’s National Assembly approved an amendment that would tax gains from converting cryptocurrencies into stablecoins pegged to fiat currencies, even when investors do not withdraw funds to their bank accounts.
The proposal, introduced by lawmaker Nicolas Sansu, would take effect on January 1, 2027, if it completes the legislative process. Currently, these conversions are not subject to the same tax treatment as sales for traditional currency.
France Seeks to Tax Conversions Into Stablecoins
Amendment I-CF1826 describes the current tax treatment as a legal loophole. Taxable gains would be calculated using the acquisition cost of the assets sold.
When an investor has purchased the same token at different prices, the calculation would use a weighted average acquisition cost.
The Committee also approved another proposal, introduced by Daniel Labaronne, that would allow investors to carry forward realized cryptocurrency losses for the following ten years.
The full National Assembly is scheduled to begin examining the budget bill on October 13. Therefore, none of these tax changes has taken effect yet.
Exit Tax Would Also Apply to Crypto Investors
Another amendment approved by the Committee proposes extending the exit tax to unrealized gains held by taxpayers who move their residence outside France.
The measure would affect households holding more than €800,000 in cryptocurrencies, even if they have not sold those assets.
France’s proposals come alongside other European tax changes. Greece introduced a bill proposing a 10% capital gains tax on cryptocurrency profits, with an exemption for annual gains of up to €500. Unlike France’s proposal, the Greek measure would not tax cryptocurrency-to-cryptocurrency exchanges.
Meanwhile, the European DAC8 rules have required crypto service providers since January 2026 to collect information about their users and transactions and report it to tax authorities.
The first exchanges of information between tax authorities across the European Union, covering transactions carried out in 2026, must take place by the end of September 2027.
