France committee approves 2027 tax on stablecoins

TLDR

Frances National Assembly Finance Committee has backed a plan to tax crypto-to-stablecoin conversions from 2027, but it is not law yet.

1. The committee approved amendments treating swaps into most fiat-pegged stablecoins as taxable disposals from 1 January 2027, closing a current loophole.
2. The package also proposes a crypto exit tax for wealthy movers and lets crypto losses be carried forward, reshaping how French residents use stablecoins and hold large portfolios.
3. The measures must be reintroduced and passed in the full Assembly debate starting 13 October, with a key vote expected on 20 October.

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

Deep Dive

1. Details Of The Stablecoin Tax

The Finance Committee adopted Amendment I-CF1826, which would make every conversion from any cryptocurrency into MiCA electronic money tokens, essentially most single-currency stablecoins like USDT or USDC, a taxable sale from 1 January 2027. Gains would be calculated against what the holder originally paid for the crypto, and taxed under Frances existing flat capital-gains regime, currently about 31.4 percent according to one summary. Today, tax is generally due only when crypto is sold for fiat or spent, so parking gains in stablecoins defers tax.

2. Wider Tax Changes For Crypto Holders

Alongside the stablecoin rule, MP Nicolas Sansu and co-signers proposed extending Frances exit tax on unrealized gains to crypto when wealthy households (above roughly 800,000 in crypto) move their tax residence abroad, with conditions mirroring the share regime, as described in this overview. Another amendment from Daniel Labaronne would allow crypto losses to be carried forward for up to ten years to offset future gains, similar to stocks, which is a partial benefit for active traders.

3. Legislative Path And EU Context

The committee approved these amendments but then rejected the budgets revenue section, meaning the crypto provisions do not automatically carry into the main bill. Sponsors must re-table them in the floor debate beginning 13 October, with a budget vote targeted for 20 October, as noted by several reports. The timing aligns with broader EU regulation under MiCA and ESMA guidance that already tightens treatment of non-compliant stablecoins by early 2027.

Conclusion

If the amendments pass, France would become one of the stricter EU jurisdictions on stablecoin use, treating parking gains in fiat-pegged tokens as a taxable event and adding exit tax exposure for large movers. Crypto users in France will need to watch the October parliamentary debates closely, because final wording and timing will determine how attractive stablecoins remain as a risk-management and liquidity tool.