France to include 2027 stablecoin swap tax in budget legislation

France’s National Assembly Finance Committee has approved a package of crypto tax changes aimed at closing gaps in how investors are taxed when moving between cryptocurrencies and stablecoins, and at extending an exit tax framework to cover certain residents who relocate abroad.

Among the measures adopted this week, lawmakers backed proposals that would treat conversions into fiat-pegged stablecoins as taxable events starting Jan. 1, 2027. The committee also approved rules related to how losses could be carried forward and broadened an exit tax to address unrealized gains for some households with crypto exposure.

Key takeaways

• France would tax crypto-to-fi​at-pegged stablecoin conversions as of Jan. 1, 2027, potentially creating capital gains liabilities even without selling for euros.


• Gains calculation is tied to acquisition cost, using a weighted average approach for holdings acquired at different prices of the same token.


• Crypto losses may be carry-forwardable for 10 years under an amendment adopted Wednesday.


• An exit tax could extend to unrealized gains for taxpayers who transfer residence abroad, if household crypto holdings exceed €800,000.

France moves to treat stablecoin conversions as taxable events

The committee’s central change revolves around how investors are taxed when they exchange crypto assets into fiat-pegged stablecoins. The proposal, identified as Amendment I-CF1826, was submitted by French MP Nicolas Sansu and adopted on Wednesday.

According to the amendment’s explanatory text (as provided in machine translation), the committee views the current rules as containing a “loophole” that can allow investors to reposition within the crypto ecosystem without triggering taxable events. Under the approved framework, conversions into fiat-pegged stablecoins would be treated as taxable from Jan. 1, 2027.

The committee text also outlines how taxable gains would be determined. It states that the gain would be calculated using the acquisition cost of the assets disposed of, and that where investors hold the same token purchased at different times and prices, a weighted average method would be used to establish the relevant acquisition basis.

That structure matters for investors because it links the tax outcome to accounting assumptions, not only to market price movement. It also means investors could face tax bills tied to stablecoin conversions even if they intend to maintain exposure to the same value track rather than cash out into fiat currency.

Next steps: what happens when the 2027 Finance Bill is considered

The full National Assembly is scheduled to begin examining the 2027 Finance Bill on Tuesday, Oct. 13. If the measures are enacted, investors in France could see new tax triggers based on their trading and portfolio management decisions starting in 2027.

One key implication highlighted in the committee’s approved approach is the potential for capital gains taxation without a fiat sale. For holders who convert into fiat-pegged stablecoins as a liquidity strategy or risk-management step, the change could shift when tax is due and increase the importance of tracking cost basis across multiple transactions.

Loss carry-forward and the broadened exit tax

In addition to the stablecoin conversion proposal, the committee adopted other tax amendments affecting crypto investors’ ability to manage outcomes across years and during relocation.

On Wednesday, MP Daniel Labaronne’s Amendment I-CCF798 was also adopted. The text would enable investors to carry forward realized crypto losses for 10 years. For taxpayers operating in volatile markets, the practical effect is to preserve the possibility of offsetting future taxable gains that occur after losses have been realized.

The committee further approved an exit tax amendment on Thursday, identified as exit tax amendment CF1822. This proposal would cover unrealized gains when taxpayers with household crypto holdings exceeding €800,000 transfer their residence abroad.

In other words, France’s committee is not limiting its overhaul to day-to-day conversion events; it is also addressing how crypto wealth is treated when changing tax residence—an area that can be highly sensitive for holders who move across borders.

France’s approach contrasts with Greece’s draft and fits DAC8 reporting

While France is moving toward taxing conversions into fiat-pegged stablecoins, other European proposals take different shapes. In parallel, Greece’s Ministry of National Economy and Finance published a draft bill proposing a 10% tax on individuals’ crypto capital gains, alongside an exemption for annual gains up to €500.

Unlike France’s conversion-focused treatment, Greece’s proposal would leave crypto-to-crypto exchanges untaxed.

Europe-wide, lawmakers are also working within the framework of the bloc’s tax reporting regime for crypto transactions. France and other EU members are required to apply rules under the eighth amendment to the Directive on Administrative Cooperation (DAC8). Under DAC8, crypto service providers must collect users’ identities and transaction data and report it to national tax authorities, which then exchange information across EU states.

The reporting requirements under DAC8 began applying on Jan. 1, 2026. The first information exchanges covering 2026 transactions are due by Sept. 2027. That timeline is important for investors because it determines when authorities will start receiving structured cross-border data that can support enforcement and compliance.

As the 2027 Finance Bill progresses in France’s National Assembly, investors should watch for how broadly the stablecoin-conversion rule is defined and whether lawmakers narrow or expand its scope before final adoption. With EU-wide DAC8 reporting already scheduled to intensify in 2027, the combination of new triggers and improved reporting may reshape how taxpayers in multiple jurisdictions track and justify crypto activity over the coming years.

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