France’s National Assembly Finance Committee has approved new proposals to tax digital asset transactions and expand the country’s exit tax framework for cryptocurrency holders. The measures, passed this week, are part of the preparations for the 2027 Finance Bill.
Stablecoin swaps to become taxable in 2027
Amendment I-CF1826, put forward by French Member of Parliament Nicolas Sansu, sets out that conversions from cryptocurrencies into fiat-pegged stablecoins will be taxable events starting January 1, 2027. This represents a significant change in the way France handles crypto taxation, as such exchanges were previously untaxed unless assets were exchanged for traditional fiat currency.
The accompanying explanation describes the existing rules as a legislative loophole, emphasizing the need to address crypto-to-stablecoin swaps as part of capital gains taxation. Taxable gains will be calculated based on the acquisition cost of the assets disposed of, with the weighted average method applied for holdings of the same token acquired at different prices.
Fiscal authorities may impose capital gains taxes on crypto investors converting their digital assets into stablecoins pegged to conventional currencies, even if they do not withdraw funds to fiat.
If accepted by the full Assembly, this would mean investors could incur capital gains taxes when moving between crypto and stablecoins, without liquidating to euros or other traditional currencies.
Proposals extend loss carryforward and exit taxes
The committee also adopted Amendment I-CCF798, authored by MP Daniel Labaronne, allowing investors to carry forward realized losses from digital assets for up to 10 years. This measure is intended to provide relief for those encountering significant asset devaluations during volatile crypto market cycles.
Additionally, the approved exit tax amendment requires expatriating residents with household digital asset holdings above 800,000 euros (approximately $895,000) to pay taxes on unrealized gains when moving their official tax residence outside France.
Mini dictionary: Exit tax, a tax imposed on unrealized gains when individuals or businesses transfer their tax residence to another jurisdiction, intended to prevent tax avoidance.
Further debate and a full vote on these proposals are expected to begin on October 13 as part of the broader Finance Bill assessment.
France and Greece follow different paths on crypto taxes
Elsewhere in Europe, Greece’s Ministry of National Economy and Finance published a draft bill proposing a 10% tax on individual crypto capital gains. Notably, this tax would only apply to annual gains exceeding 500 euros ($560), and crypto-to-crypto transactions would remain exempt under the Greek proposal.
| Country | Taxable Event | Tax Rate | Exemption |
|---|---|---|---|
| France | Crypto-to-stablecoin swaps | Varies with capital gains | None specified |
| Greece | Fiat conversion only | 10% | First €500 annual gains |
Both countries, as members of the European Union, are subject to the bloc’s updated tax reporting standards outlined in the eighth amendment to the Directive on Administrative Cooperation, or DAC8. This framework obliges crypto service providers to identify clients, document transactions, and report this data to national authorities for exchange between EU member states.
Under DAC8, the crypto reporting requirements took effect on January 1, 2026. The first full exchange of information will cover the 2026 calendar year and is due by September 2027.
France and Greece are adapting their tax codes as the EU strengthens oversight through DAC8, which standardizes crypto tax reporting and information sharing across member states.
