France's National Assembly narrowly adopts crypto-to-stablecoin swap tax amendment
In brief
- Amendment I-3898 passed 38 to 37, with 25 abstentions, per the Assembly record as reported by Cointelegraph.
- Crypto-to-stablecoin swaps would become taxable events starting in 2027 if the amendment is enacted.
- Lawmakers rejected a 10-year carry-forward of realized crypto losses, 18 to 75.
- Exit tax and self-custodial wallet reporting proposals remain under consideration.
- The 2027 Finance Bill still has to pass; the tax isn't law yet.
What the stablecoin amendment would change
The measure didn't start on the floor. French MP Nicolas Sansu first introduced it as committee amendment I-CF1826, which was adopted on Oct. 7.
If enacted, the amendment would tax certain crypto-to-stablecoin swaps and change how France calculates crypto capital gains tax. Under the proposal, converting Bitcoin or other cryptocurrencies into stablecoins would trigger a tax on gains (even if those gains were never converted into fiat). The calculation would use the acquisition cost of the sold crypto asset and the weighted average purchasing price.
The vote margin was one.
The Assembly also rejected a separate proposal on Friday to carry forward realized crypto losses for 10 years. That one failed by 18 votes in favor, 75 against and 3 abstentions, per the Assembly record as reported by Cointelegraph.
Exit tax and self-custody reporting are still proposals
Two other crypto measures haven't been adopted. Amendment I-CF1822 would extend France's exit tax to unrealized gains when taxpayers with crypto portfolios worth over €800,000 (about $895,000) move their residence abroad.
Amendment I-2701 is aimed at self-custody. It would require individuals to declare self-custodial wallet holdings if their total value exceeded €100,000 (about $112,000) in the relevant tax year. As of Monday, both proposals remained under consideration for the 2027 Finance Bill.
What comes next
According to the Assembly's official schedule, as cited by Cointelegraph, lawmakers were set to vote on the first part of the 2027 Finance Bill on Tuesday. Other crypto-related proposals remain under consideration, though it's unclear whether each will be debated or voted on that day.
French lawmakers are preparing to discuss more crypto measures as part of next year's budget. For now, the stablecoin swap tax has passed committee and the Assembly floor, but it isn't law unless the 2027 Finance Bill is enacted.
Frequently asked questions
Is France's crypto-to-stablecoin swap tax law yet?
No. The National Assembly adopted Amendment I-3898 by 38 votes to 37, with 25 abstentions, but it would apply only if enacted. The 2027 Finance Bill still has to pass, and taxable treatment of the swaps would start in 2027.
How would France tax crypto-to-stablecoin swaps?
Under the proposal, converting Bitcoin or other cryptocurrencies into stablecoins would trigger a tax on gains, even if those gains were never converted into fiat. The calculation would use the acquisition cost of the sold crypto asset and the weighted average purchasing price.
What is France's proposed self-custodial wallet reporting rule?
Amendment I-2701 would require individuals to declare self-custodial wallet holdings if their total value exceeded €100,000 (about $112,000) in the relevant tax year. As of Monday, it remained under consideration for the 2027 Finance Bill and had not been adopted.
