France Proposes Stablecoin Swap Tax and Crypto Exit Tax in 2027 Budget

Finance Committee backs new crypto tax rules

France's National Assembly Finance Committee approved a package of tax proposals this week that would make swapping cryptocurrency into fiat-pegged stablecoins (digital tokens designed to hold a fixed value, usually 1:1 with a currency like the euro) a taxable event starting January 1, 2027.

The committee also adopted measures to let investors carry forward realized crypto losses and to tax unrealized crypto gains when high-value holders move residence abroad. The full Assembly is scheduled to begin examining the 2027 Finance Bill on Tuesday, October 13. If the proposals pass in their current form, French crypto investors could owe capital gains tax on conversions into stablecoins without ever cashing out into fiat currency.

Key numbers and details

• Amendment I-CF1826, submitted by MP Nicolas Sansu and adopted Wednesday, October 7, would tax crypto-to-stablecoin conversions from January 1, 2027.
• Amendment I-CCF798, submitted by MP Daniel Labaronne and also adopted Wednesday, would allow investors to carry forward realized crypto losses for 10 years.
• An exit tax amendment adopted Thursday would tax unrealized gains when taxpayers with household crypto holdings worth more than 800,000 euros (about $895,000) transfer their residence abroad.
• Gains would be calculated using the acquisition cost of the assets disposed of, with a weighted average for the same token purchased at different prices.

What the amendment text says

The explanatory text for Amendment I-CF1826 describes the current tax treatment of stablecoin swaps as a "loophole in the legislation," according to a machine translation cited by Cointelegraph. The amendment is designed to close that gap by treating conversions into fiat-pegged stablecoins the same way existing law treats conversions into regular fiat currency.

Other European proposals and reporting rules

Greece's Ministry of National Economy and Finance published a draft bill on the same Wednesday proposing a 10% tax on individuals' crypto capital gains, with an exemption for annual gains up to 500 euros (about $560). Unlike France's proposal, the Greek draft would leave crypto-to-crypto exchanges untaxed.

Separately, all EU member states must apply the bloc's tax reporting rules under DAC8 (the eighth amendment to the Directive on Administrative Cooperation). DAC8 requires crypto service providers to collect users' identity and transaction data and report it to national tax authorities, which then share that information across EU member states. These reporting requirements began on January 1, 2026, and the first exchanges of information covering 2026 transactions are due by September 2027.

Why this matters for French crypto holders

The stablecoin swap tax changes what counts as a taxable event. Under the proposed rules, simply converting crypto into a stablecoin would trigger a capital gains calculation, even though the investor did not sell into traditional money. The exit tax amendment extends an existing wealth-relocation rule to cover crypto assets, but only for household holdings above the 800,000 euro threshold.

The DAC8 reporting framework means French tax authorities will have more data available to verify crypto transactions, making compliance enforcement more feasible than before.

What happens next

The full National Assembly will begin examining the 2027 Finance Bill on Tuesday, October 13. The amendments adopted by the Finance Committee must still pass through the full legislative process before they become law. If enacted, the stablecoin swap tax and the expanded exit tax would take effect on January 1, 2027.

Sources

• Cointelegraph
• National Assembly Amendment I-CF1826
• National Assembly Amendment I-CCF798
• National Assembly Exit Tax Amendment

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