France committee approves 2027 tax on stablecoins

TLDR

France's Finance Committee has approved a 2027 tax on crypto-to-stablecoin swaps, but it is not law yet and still needs a full Assembly vote.

1. The committee backed an amendment to tax every conversion from crypto into certain stablecoins starting 1 Jan 2027, closing what lawmakers call a tax loophole.
2. The measure would treat swaps into MiCA-regulated stablecoins as taxable disposals under France's flat capital gains regime, with extra proposals on exit tax and loss carryforwards.
3. The amendments must be reintroduced and approved in the National Assembly plenary in October, so details and even survival of the stablecoin tax could still change.

Deep Dive

1. What Was Approved So Far

Frances National Assembly Finance Committee adopted Amendment I-CF1826, which would impose capital gains tax on every conversion from cryptocurrency into stablecoins from January 2027 onward. Reports from outlets such as Bitcoin.com and Decrypt describe this as covering conversions into stablecoins, not just cashing out to euros, to end what the sponsor calls unjustified tax deferral on gains parked in stablecoins.

However, the committee later rejected the budgets revenue section, so the full Assembly will debate the governments original text and the crypto amendments must be tabled again during the floor debate beginning around 13 October, with a budget vote expected around 20 October. This means the committee decision is a strong signal, but not yet binding law.

2. How The Stablecoin Tax Would Work

According to Decrypt and Yahoo Finance summaries of the amendment, swaps into MiCA electronic money tokens (that is, single currency stablecoins regulated under EU law) would be treated as taxable sales from 1 January 2027, with gains measured against the cryptos original purchase price. Under current French rules, tax normally applies when you sell crypto for fiat or spend it, not when you move into stablecoins, so this would make the move to USDC/EURC and wait step itself a taxable event.

The proposal does not set a special rate; sources indicate it would use the existing French flat tax on capital gains, currently around 31.4 percent after recent social charge adjustments. In practice this would mainly affect French tax residents using regulated euro and dollar stablecoins as a parking place between trades.

3. Other Crypto Tax Changes And What To Watch

The same committee backed two other crypto tax changes. One would extend Frances existing exit tax to crypto portfolios over about 800,000 euros for people moving abroad, applying from 2027 and borrowing thresholds and deferral rules from the share regime. Another would finally allow crypto losses to be carried forward for ten years to offset future gains, similar to stocks.

For now, none of these provisions is final. The sponsors must reintroduce the amendments during the Assembly debate and win majority support; they could be modified, delayed, or dropped in negotiations. Industry pushback, especially from French platforms that view stablecoins as a neutral rest stop between trades, may also influence how strict the final text is.

Conclusion

France is moving toward treating stablecoins as fully taxable off-ramps for crypto, removing a key tax deferral strategy for local users, but the proposal still sits at the committee stage. The October floor debate and budget vote will determine whether the 2027 stablecoin tax, the crypto exit tax, and the new loss-carryforward rules actually become law or are reshaped under political and industry pressure.