France’s National Assembly has narrowly advanced a proposal that could make some cryptocurrency-to-stablecoin conversions taxable events from 2027, even when investors do not cash out into euros or another fiat currency. The measure is part of the country’s draft 2027 Finance Bill and is being considered alongside separate proposals affecting expatriating taxpayers and self-custodial wallets.
Stablecoin conversions could trigger capital-gains tax
Lawmakers approved Amendment I-3898 on Friday by 38 votes to 37, with 25 abstentions. The proposal was originally introduced as committee amendment I-CF1826 by French MP Nicolas Sansu and was adopted on Oct. 7.
If enacted, the amendment would apply to certain transactions in which a taxpayer exchanges Bitcoin or another cryptocurrency for a stablecoin. Under the proposed approach, the conversion itself could create a taxable gain, rather than waiting until the investor exchanges the stablecoin for euros or another traditional currency.
The calculation would use the acquisition cost of the cryptocurrency being sold and its weighted average purchase price. In practical terms, the measure would treat some crypto-to-stablecoin trades as disposals for tax purposes. Stablecoins are digital assets generally designed to maintain a relatively stable value, often against a fiat currency, and are frequently used by crypto investors to move between positions without immediately returning to the banking system.
The Assembly is scheduled to vote on the first part of the 2027 Finance Bill on Tuesday. It remains unclear whether every crypto-related proposal still under review will be debated or put to a vote on that day, according to reporting by Cointelegraph.
Other crypto tax proposals remain under review
The Assembly rejected a separate proposal that would have allowed realized crypto losses to be carried forward for 10 years. That vote ended with 18 lawmakers in favor, 75 against and three abstentions.
Two further measures remain under consideration for inclusion in the 2027 Finance Bill:
- Amendment I-CF1822 would extend France’s exit-tax regime to unrealized crypto gains for taxpayers with combined crypto portfolio values above €800,000 who move their residence abroad.
- Amendment I-2701 would require individuals to declare self-custodial wallet holdings if their total value exceeded €100,000 during the relevant tax year.
A self-custodial wallet is a wallet whose private keys are controlled by the user rather than by a crypto exchange or other service provider. The proposals have not been identified as enacted measures in the source material and remain subject to the legislative process.
Moneyiar market picture
Moneyiar market data at 22:14 on Oct. 19, 2026, showed Stable (STABLE) at $0.0250352335, up 4.33% over 24 hours but down 7.68% over seven days. Walrus (WAL) was priced at $0.0382624839 at 22:13, down 1.7% in 24 hours and up 7.37% over seven days.
At 22:14, aelf (ELF) stood at $0.061560062, down 0.25% over 24 hours and 9.01% over seven days. Propy (PRO) was $0.3402203282, down 1.8% in 24 hours and 4.23% over seven days. These market figures are separate from the French legislative proposals and do not indicate how the measures will proceed.
