France’s National Assembly Finance Committee has approved proposals that could make certain crypto-to-stablecoin swaps taxable and extend the country’s exit tax to wealthy crypto holders. The measures were backed during committee proceedings but are not law, and their immediate path forward became less certain after the committee rejected the budget’s revenue section.
According to Decrypt, the committee voted to treat swaps into MiCA-regulated stablecoins as taxable sales from Jan. 1, 2027. It also approved an amendment covering crypto assets held by tax households whose combined holdings exceed €800,000 when they move their tax residence abroad.
The committee later rejected the budget’s entire revenue section on Oct. 9 by 31 votes to three. As a result, debate in the full National Assembly will begin from the government’s original text, without the amendments adopted by the committee. Supporters would need to introduce the proposals again during the floor debate, which starts on Oct. 13. A formal vote on the revenue section is scheduled for Oct. 20.
Stablecoin swaps could be treated as sales
Under the proposed stablecoin measure, exchanging crypto assets for electronic money tokens covered by the European Union’s Markets in Crypto-Assets, or MiCA, framework would count as a taxable disposal. MiCA is the EU’s regulatory framework for crypto assets, while a stablecoin is a token designed to track the value of an official currency, such as the euro or the US dollar.
The amendment was filed by Nicolas Sansu of the left-wing GDR group, together with 16 co-signers. Its authors say French tax rules currently leave a gap: exchanging Bitcoin or another cryptocurrency for a stablecoin does not trigger tax because taxation generally applies when gains are realised through a sale for ordinary money or when crypto is used to pay for goods or services.
If enacted, the proposed rule would apply from Jan. 1, 2027. The taxable gain would be calculated against the holder’s original acquisition cost. The amendment does not specify a new tax rate. Instead, it refers to France’s existing flat tax, which rose to 31.4% on Jan. 1 after the social-charge component increased from 17.2% to 18.6% under the 2026 social-security financing law.
The sponsors describe the change as an application of existing rules rather than the creation of a separate levy. They argue that stablecoins can be used to pay crypto service providers or acquire other tokens and therefore should not automatically receive a tax deferral when they are used as an intermediate asset.
Exit tax proposal targets high-value holdings
A separate amendment would bring crypto assets within France’s exit-tax regime. Exit tax applies to certain unrealised gains when a taxpayer transfers their tax residence abroad. The proposal would cover a tax household’s combined crypto holdings when their value exceeds €800,000.
The threshold would match the level already used for shares. The taxpayer would also need to have been resident in France for at least six of the previous 10 years. The proposed rules would apply to departures from Jan. 1, 2027, and would use payment-deferral arrangements borrowed from the stock regime.
The measure would require taxpayers to provide a statement listing all crypto assets held when they leave France. That would include assets held through custodians, crypto held abroad and coins stored in self-custody wallets controlled directly by the owner. Crypto-to-crypto swaps without a cash component would not be treated as sales for exit-tax purposes.
The amendment’s authors argue that directly held crypto is currently outside the exit-tax framework even when it is worth as much as shares that are covered. They also point to the ease with which digital assets can be transferred across borders.
The committee approved a third crypto-related amendment from Daniel Labaronne. It would allow investors to carry crypto losses forward for 10 years and use them to offset future gains, as investors can already do with stock losses. Under the current rules described in the proposal, unused crypto losses cannot be carried forward.
Legislative status and market picture
None of the committee’s measures is law. Because the committee rejected the revenue section, the Assembly will initially consider the government’s original budget text. The crypto proposals could return only if lawmakers table them again and they survive the remaining stages of the legislative process.
France has also considered other crypto-related tax changes. In late October 2025, the Assembly voted 163-150 in first reading for a proposal creating a 1% annual levy on “unproductive” wealth above €2 million, with digital assets included alongside gold and yachts. Coinbase said in October 2024 that it would delist stablecoins that did not comply with MiCA for European customers by Dec. 30, directing users toward compliant tokens such as USDC and EURC.
Moneyiar market data at 11:44 on Oct. 11, 2026, showed STABLE at $0.0274618993, down 0.89% over 24 hours but up 3.39% over seven days. Altlayer (ALT) was priced at $0.0079308813, down 0.21% in 24 hours and 1.24% over seven days. These figures are market data and do not indicate whether the French proposals will advance or become law.
