At a glance

  • The National Assembly’s finance committee adopted amendment I-CF1826 on 7 Oct, which would make swaps from crypto into fiat-pegged stablecoins taxable events from 1 Jan 2027, and I-CF1822 on 8 Oct, which would extend France’s exit tax to unrealised crypto gains above €800,000.
  • The committee then voted down the revenue part of the 2027 finance bill on 9 Oct, and the Assembly floor debate on it begins on 13 Oct from the government’s original text, LCP reported.

Both amendments were tabled by Nicolas Sansu and other members of the left-wing Democratic and Republican Left (GDR) group, according to the Assemblée nationale’s pages, which list each as adopted.

The first, I-CF1826, would disapply the deferral that currently applies when a holder swaps crypto-assets for e-money tokens as defined in the EU’s Markets in Crypto-Assets Regulation (MiCA). In its justification the group says gains made by converting into fiat-backed stablecoins are not taxed today, while conversion into ordinary currency falls under France’s flat tax on investment income. It says the UK and Italy have already legislated on this point; we have not verified that. It would apply to swaps from 1 Jan 2027.

GDR put the yield at €1.5 billion without specifying a period, according to CoinMarketCap. The same report says the committee also backed a 10-year carry-forward for crypto losses; we have not read that amendment.

The second, I-CF1822, would tax unrealised gains on crypto-assets when a person who has been tax-resident in France for at least six of the previous ten years moves their tax residence abroad. It applies when the household’s crypto holdings exceed €800,000, the same threshold the existing exit tax uses for securities, and to transfers from 1 Jan 2027.

Neither measure has passed. On Friday evening the finance committee rejected the revenue part of the bill by 31 votes to 3, with 2 abstentions, LCP reported. Deputies will restart from the government’s original text when the full Assembly takes it up from Tuesday, LCP said. The committee’s amendments would need to be re-tabled and adopted on the floor before the bill goes to the Senate, CoinMarketCap said.

As CryptoWatchDesk reported on 8 Oct, Greece has also drafted a 10% tax on crypto gains, and ESMA has told EU crypto-asset service providers to stop services for non-MiCA stablecoins (opinion summary).

The next date is 13 Oct, when the Assembly starts examining the bill’s revenue part.

This is a news report on proposed legislation, not tax advice.

This article is for information only and is not investment advice.