MPs want to change the taxation of crypto-assets in France. On October 7 and 8, the Finance Committee of the National Assembly adopted several amendments to the 2027 budget. On the agenda: tax conversions into stablecoins, extend the exit tax to unrealized capital gains and allow the deferral of crypto capital losses.
In brief
- From 2027, conversions of crypto-assets into stablecoins could become taxable.
- The exit tax would extend to unrealized capital gains exceeding 800,000 euros when moving abroad.
- Investors could carry forward their crypto capital losses for ten years. Examination of the budget in public session begins on October 13.
Stablecoins soon subject to tax
Until now, an investor could exchange his cryptos for stablecoins without triggering capital gains tax, as long as he did not convert his gains into euros. These tokens, generally indexed to the dollar or the euro, thus escaped the flat tax of 31.4% applicable to transfers.
But this situation could change. On the evening of October 7, the Finance Committee adopted amendment I-CF1826, tabled by Nicolas Sansu and sixteen deputies from the GDR group. The text targets electronic money tokens defined by the European MiCA regulation, in particular stablecoins backed by an official currency.
Its authors denounce a “hole in the legislation” which deprives the State of tax revenue. To calculate the added value, they propose using the acquisition price, with a weighted average for tokens of the same nature. Entry into force would take place on January 1, 2027, with a transitional regime for existing portfolios.
Exit tax and capital losses, other changes
On October 8, the commission also adopted amendment I-CF1822. This would extend the exit tax to crypto-assets.
Concretely, the taxpayers concerned could pay tax on their unrealized capital gains exceeding 800,000 euros when they leave France, under certain residence conditions. The system includes in particular the payment suspension and relief mechanisms in the event of return.
In parallel, amendment I-CF798 by Daniel Labaronneadopted on October 7, would allow crypto capital losses to be carried forward for ten years. Today, losses that exceed taxable gains cannot be carried forward to subsequent years.
A hardening that goes beyond France
Other European countries are also considering changing their crypto taxation. Greece offers a 10% tax on individual capital gains, with an exemption of up to 500 euros of annual gains. For its part, Germany is considering a 25% tax on crypto gains.
In addition, the European directive DAC8 has applied since January 2026. Platforms must collect the identity data and transactions of their customers in order to transmit them to the tax authorities. The first exchanges between states are expected in the fall of 2027.
However, nothing is final yet. The National Assembly will begin examining the budget in public session on October 13. MEPs will then have to defend these amendments again.
If they adopt them, investors could have to pay tax by exchanging their cryptos for stablecoins, without even withdrawing their funds in euros.
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