The French National Assembly has approved Amendment I-3898, which introduces a tax on crypto-to-stablecoin swaps. The measure passed with 38 votes in favor, 37 against, and 25 abstentions. If enacted, the rule will take effect in 2027 and change how capital gains are calculated by using the weighted average purchase price.
Investors converting Bitcoin or other cryptocurrencies into stablecoins will trigger a taxable event under the new proposal, even if they do not convert their assets into fiat currency. Additionally, the Assembly rejected a separate proposal that would have allowed taxpayers to carry forward realized crypto losses for a period of 10 years.
Lawmakers are currently reviewing further proposals for the 2027 Finance Bill. One amendment, I-CF1822, seeks to apply an exit tax on unrealized gains for individuals with crypto portfolios exceeding €800 000 who move their residence abroad. Another, I-2701, proposes mandatory reporting for self-custodial wallets with values over €100 000.
