The Finance Committee of France’s National Assembly approved a series of amendments this week that would end the tax exemption on stablecoins, only to subsequently undo their own agreement. Lawmakers briefly passed the proposed new crypto tax measures before ultimately rejecting the entire revenue section of the draft 2027 budget.
Nicolas Sansu of the GDR group, alongside 16 other members, introduced the first amendment targeting crypto-to-stablecoin swaps. France has historically not taxed investors when swapping Bitcoin for stablecoins, as tax liability only arose when cashing out into fiat currency. The new rule targets this exemption starting January 1, 2027, by taxing swaps into electronic money tokens (EMTs) under MiCA regulations, which includes most single-currency pegged stablecoins. The tax burden would align with the national rate rising to 31.4% on January 1, 2026, following an increase in the social tax component from 17.2% to 18.6%.
Exit Tax and Loss Offsets
Beyond targeting stablecoins, the committee briefly passed two other proposals. The second amendment introduces a crypto exit tax for households holding over €800,000 in total digital assets that move their tax residency outside France. Slated for implementation on January 1, 2027, the measure requires targets to have been French tax residents for at least six of the past ten years. The €800,000 threshold aligns the treatment of crypto holdings with conventional stock portfolios.
Lawmaker Daniel Labaronne contributed a third amendment that actually eases the tax burden. His proposal allows investors to carry forward crypto losses for up to 10 years to offset future capital gains taxes - a protection not currently available.
Starting From Scratch on the Assembly Floor
The committee’s rejection of the entire budget revenue portion - by a 31 to 3 vote - forces the full Assembly to begin deliberations from the government’s initial text without the crypto tax amendments included. Proponents must reintroduce their proposals when floor debates kick off on October 13. A formal vote on the budget is scheduled for October 20, underscoring that all these proposals still face the full legislative process and are not yet law.
In October 2025, the French Assembly demonstrated its tough stance by passing a separate amendment in a 163 to 150 vote. That decision levied a 1% annual tax on unproductive wealth over €2 million, grouping digital assets alongside traditional stores of value such as gold and yachts.
This week’s series of events in the committee shows that establishing crypto taxes is not merely about setting rates, but navigating parliamentary political dynamics that can derail an entire package of new rules. Reported by Decrypt.
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
