France’s National Assembly Finance Committee has adopted several amendments targeting the taxation of crypto asset holders, specifically focusing on swaps into MiCA-regulated stablecoins and extending exit taxes to high-value crypto portfolios. These initiatives form part of the committee’s ongoing review of the national budget but still face significant legislative hurdles before becoming law.
Stablecoin swaps under tax scrutiny
One of the major changes proposed would treat conversions of cryptocurrencies into stablecoins—tokens linked to official currencies like the euro or US dollar—as taxable transactions. Under the amendment filed by Nicolas Sansu and 16 co-signers, swapping Bitcoin or any other crypto for a stablecoin covered by MiCA regulations would be considered a taxable sale starting January 1, 2027. Gains would be calculated based on the original purchase price of the crypto being converted.
Currently, such swaps do not trigger tax obligations in France because statutory taxation only applies when digital assets are traded for fiat currency or used for spending. The authors of the amendment described the current regulatory gap as a “hole in the legislation,” asserting that stablecoins serve as liquid investment vehicles and therefore should not provide a tax loophole.
The actual tax rate for these transactions would mirror France’s standard flat tax, which increased to 31.4% this year after adjustments to the social charge component under the 2026 social-security law. The text clarifies that these measures are not intended to introduce new taxes but rather to ensure consistent application of existing law.
Swapping crypto into stablecoins would count as a sale for tax purposes if the measure takes effect, with taxes calculated against the asset holder’s initial acquisition cost. The amendment targets stablecoins falling under MiCA’s definition, aiming to treat them in the same way as cash sales.
Exit tax to include crypto
A second amendment presented by Sansu focuses on extending France’s current exit tax to digital assets. This tax is designed to capture unrealized gains when a taxpayer relocates abroad, currently applying to shares above €800,000.
If enacted, the rule would apply to all tax households with total crypto holdings—whether managed by a third party or self-custodied—valued above €800,000, as long as the taxpayer has spent at least six out of the previous ten years as a resident of France. The proposed legislation borrows its thresholds and payment deferral mechanisms from existing rules for stocks. It specifically excludes swaps between different cryptocurrencies where no fiat money changes hands.
Submitted documents under this proposal would require taxpayers to disclose all crypto assets at the time of their relocation, whether held domestically or in foreign wallets controlled by the individual, not an exchange. Lawmakers supporting the measure said such rules are essential given the ease of digital asset transfers across borders.
Additional changes and legislative progress
The Finance Committee also approved a measure from Daniel Labaronne permitting investors to offset crypto investment losses against future gains for up to ten years—aligning digital assets with existing rules for stocks.
Late in October 2025, the Assembly adopted a broader wealth tax amendment, voting 163 to 150 to create a 1% annual levy on “unproductive” wealth exceeding €2 million, grouping digital assets along with gold and yachts. Attorney Burçak Ünsal commented that taxing early token holders under these frameworks could be “economically unjust.”
Coinbase announced in October 2024 that it would delist stablecoins not compliant with MiCA for European clients by December 30, advising users to transition to approved coins like USDC and EURC.
Despite the committee’s approval, the immediate future of these amendments is uncertain. On October 9, the committee rejected the revenue section of the 2026 budget by 31 votes to 3. This means the Assembly will debate the government’s original budget text, untouched by the newly proposed crypto provisions.
Backers of the crypto amendments must reintroduce them during the Assembly’s floor debate, which begins October 13, with a formal vote due October 20. If the measures are successfully inserted and passed during this process, both the stablecoin tax and exit tax rules would take effect on January 1, 2027.
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