The French National Assembly narrowly approved an amendment to the 2027 budget that classifies the exchange of cryptocurrencies for stablecoins as a taxable event. The measure passed with 38 votes in favor, 37 against, and 25 abstentions, out of 100 deputies present.
Starting January 1, 2027, these swaps will be treated as sales, with gains subject to the national flat tax, which currently stands at 31.4%. The new rules require calculating the purchase price for each individual coin sold, rather than using a single portfolio-wide figure. Investors holding assets before 2027 must choose between documenting actual costs or distributing total portfolio costs across assets held by December 31, 2026.
The amendment, led by Nicolas Sansu, aims to close a perceived legislative loophole that allows gains moved into stablecoins to avoid taxation. While the government opposed the move, citing concerns over legal definitions and tracking capabilities, the proposal remains part of the ongoing budget debate. It must still pass the Senate to become law.
Additionally, a separate committee proposal seeks to mandate the declaration of self-custodied crypto assets valued at €100 000 or more. Failure to comply could result in fines of up to €10 000. Another proposal from the finance committee would extend the national exit tax to households holding crypto assets worth more than €800 000.
