France panel backs tax on stablecoin swaps

TLDR

France's National Assembly Finance Committee has approved a proposal to tax crypto-to-stablecoin swaps from 2027, but it still needs full parliamentary approval before becoming law.

1. The amendment would treat swaps into most regulated fiat-pegged stablecoins as taxable sales under France's 31.4 percent flat tax from 1 January 2027 if enacted.
2. Companion amendments add a crypto exit tax for large holders and allow 10-year loss carry-forwards, reshaping France's broader crypto tax framework.
3. None of these measures are in force yet, with floor debate beginning 13 October and a key budget vote expected around 20 October.

Deep Dive

1. What The Panel Actually Approved

Frances National Assembly Finance Committee backed several crypto tax amendments, including one that would make converting crypto into MiCA electronic money tokens (most single-currency stablecoins like USDT or USDC-type assets) a taxable sale from 1 January 2027. Gains would be calculated versus the original purchase price of the crypto, not versus the stablecoin price at the moment of the swap, and the measure applies Frances existing 31.4 percent flat tax rather than creating a new rate, according to a detailed description of the text.

Today, France only taxes capital gains when you convert crypto into fiat or spend it; swaps into stablecoins do not trigger tax. Lawmakers describe this as a loophole, arguing that stablecoins are used to pay for goods, services, and other tokens, so parking gains there should not defer tax. Reports from multiple outlets agree that this change is framed as closing that hole in the legislation, not as a new category of tax.

Confidence: high because several independent reports describe the same amendment language, dates, and mechanics.

2. Exit Tax And Loss Rules

A second amendment would extend Frances existing exit tax to crypto. From 2027, households moving abroad with more than 800,000 in combined crypto, after at least six of the previous ten years as French tax residents, could face a tax on unrealized gains, mirroring the share regime. Crypto to crypto swaps without cash would not count as disposals for the exit tax, but assets held with custodians or in self-custody would need to be declared.

A third amendment, seen as more favorable to investors, would let crypto losses be carried forward for ten years to offset future gains, aligning crypto more closely with stock taxation. Together, these measures tighten perceived loopholes while also giving long term holders a clearer way to use past losses against later profits.

3. Timetable And Remaining Uncertainty

Crucially, none of this is law yet. After approving the amendments, the Finance Committee rejected the entire revenue section of the budget by 31 votes to 3, which means the full Assembly now starts debate from the governments original draft without these crypto changes baked in. Supporters must refile the amendments for the floor debate beginning 13 October, ahead of a budget vote expected around 20 October.

This creates several uncertainties: the stablecoin and exit tax provisions could be modified, delayed, or dropped in negotiations, and their interaction with wider EU rules like MiCA may still evolve. For now, the signal is clear that French policymakers are comfortable treating major stablecoins as taxable endpoints rather than neutral waypoints in the crypto stack.

Conclusion

Frances finance panel has signaled a tougher stance by backing a tax on stablecoin swaps and a crypto exit tax, while also offering loss carry-forward relief. The proposals would significantly change how French residents can use stablecoins to manage gains, but they still face a full parliamentary debate where details and timing could shift. Watching the October floor discussions and final budget text will be key to understanding how Frances crypto tax landscape will actually look from 2027 onward.