France panel backs new crypto tax plan

TLDR

Frances National Assembly Finance Committee has backed a new crypto tax package that would tax stablecoin swaps, impose an exit tax and expand loss relief, but it is not yet law.

1. Lawmakers approved amendments to tax conversions into fiat-pegged stablecoins, apply an exit tax on large holdings moving abroad, and let investors carry forward crypto losses for 10 years.
2. The changes would close a perceived loophole in Frances current crypto-to-crypto tax deferral and sit alongside existing flat capital-gains rates of roughly 30 percent.
3. The measures now move to full Assembly debate as part of the 2027 Finance Bill, with implementation targeted from 1 Jan 2027 and interacting with new EU-wide DAC8 reporting.

Deep Dive

1. What Was Just Approved

The Finance Committee approved three key amendments as part of the 2027 budget process, all focused on tightening crypto taxation. A summary of the vote on these crypto-tax proposals in France confirms that Amendment I-CF1826 would treat swaps into fiat-pegged stablecoins as taxable events from 1 Jan 2027, I-CCF798 would allow realized crypto losses to be carried forward for up to 10 years, and a separate exit-tax amendment would apply to unrealized gains for households with more than 800,000 euros in crypto when they move tax residence abroad.

Lawmakers also rejected expanding the personal wealth tax to crypto and ruled inadmissible a proposal to reduce crypto taxation, underscoring a generally tighter stance rather than relief for most users.

2. How It Changes Crypto Taxation

Today, France broadly defers tax on many crypto-to-crypto swaps, including into some regulated stablecoins, and taxes realized gains when assets are ultimately cashed out, at a flat rate around 30 percent. The new stablecoin-swap tax would treat conversions into fiat-pegged, MiCA-qualifying stablecoins as disposal events, meaning investors could incur capital gains tax even without converting to euros, as described in the stablecoin swap tax plan.

The exit tax would capture latent gains for wealthy holders who relocate, while the 10-year loss carry-forward provision gives more flexibility to offset future profits, partially balancing the new burdens for active traders.

3. EU Context And What To Watch

These measures sit on top of the EUs DAC8 regime, which already requires crypto service providers to collect and report detailed user and transaction data across member states from 2026, with first information exchanges due in 2027, as noted in the same DAC8 context overview. France is clearly positioning for more enforceable crypto taxation once data flows are in place.

Next, the full National Assembly will examine the 2027 Finance Bill from mid October, with final budget votes expected later in the year. Key watchpoints are whether the stablecoin-swap tax survives intact, how the exit taxs scope is defined, and whether wallet disclosure rules for self-hosted holdings above 100,000 euros and associated penalties are tightened or softened during debate.

Conclusion

France is moving toward a more comprehensive, data-backed crypto tax regime that targets stablecoin use and large offshore moves while modestly improving loss relief. If the package passes largely as drafted, French crypto users will need to treat stablecoin conversions as potential taxable events and plan around longer-term loss offsetting, while closely watching final legislative details and timelines before 2027.