Key facts
- France's National Assembly adopted a crypto tax amendment on Friday.
- The amendment could make certain stablecoin swaps taxable events starting in 2027.
- Investors converting cryptocurrencies to stablecoins may trigger a tax on gains.
- A proposal to extend France's exit tax to unrealized crypto gains was considered.
- A proposal to require declaration of self-custodial wallets over €100,000 was considered.
France's National Assembly adopted a crypto tax amendment on Friday that could make certain stablecoin swaps taxable events starting in 2027. The amendment, I-3898, passed with 38 votes in favor, 37 against, and 25 abstentions. If enacted, it would tax gains from converting cryptocurrencies like Bitcoin into stablecoins, using the acquisition cost of the sold asset and the weighted average purchase price for calculation. Separately, lawmakers rejected a proposal to allow crypto losses to be carried forward for 10 years. Other proposals under consideration include an exit tax on unrealized crypto gains for portfolios exceeding €800,000 ($895,000) when taxpayers move abroad, and a requirement to declare self-custodial wallets valued over €100,000 ($112,000). The Assembly is scheduled to vote on the first part of the 2027 Finance Bill on Tuesday.