French Finance Panel Approves 2027 Stablecoin Swap Tax and Exit Tax

France’s National Assembly Finance Committee has advanced new crypto tax measures that would tighten how capital gains are triggered for certain digital-asset transactions. The committee approved proposals aimed at taxing conversions of cryptocurrencies into fiat-pegged stablecoins and expanding exit-tax rules for high-net-worth taxpayers moving residency abroad.

The changes were adopted through multiple amendments during the committee’s review process. If they make it into law, investors could face capital gains tax liabilities even in cases where they do not cash out into fiat—raising practical questions for anyone using stablecoins as a way to park value or manage liquidity.

Key takeaways

• France’s committee approved an amendment that would treat conversions into fiat-pegged stablecoins as taxable events from Jan. 1, 2027.
• The committee’s text frames current treatment of such conversions as a legislative “loophole.”
• Another approved measure would permit taxpayers to carry forward realized crypto losses for up to 10 years.
• An exit-tax amendment targets unrealized gains when taxpayers with household crypto holdings above €800,000 ($895,000) transfer their residence abroad.

France moves stablecoin conversions into the tax net

One of the core measures is Amendment I-CF1826, submitted by French MP Nicolas Sansu and adopted Wednesday. The proposal would make crypto conversions into fiat-pegged stablecoins taxable starting Jan. 1, 2027.

In the explanatory material attached to the amendment, the current framework is described as a “loophole in the legislation” (as indicated by a machine translation in the source material). The practical effect is straightforward: under the proposed rule, swapping into a fiat-pegged stablecoin would no longer be treated as a non-taxable step, as it can be under some interpretations of existing rules.

For determining tax owed, the amendment states that taxable gains would be calculated using the acquisition cost of the assets disposed of. For holdings of the same token bought at different prices, it specifies a weighted average approach to compute acquisition costs.

The broader legislative timeline matters for investors. The full French Assembly is scheduled to begin examining the 2027 Finance Bill on Tuesday, Oct. 13. If enacted, taxpayers could be hit with capital gains tax obligations triggered by stablecoin conversions even if their holdings remain within the crypto ecosystem.

Taxable events without “cash-out”

The committee’s stablecoin conversion rule is notable because it targets the moment value is moved into a specific category of crypto asset rather than a traditional fiat withdrawal. As the amendment is written, a conversion to a fiat-pegged stablecoin could be treated similarly to other disposals for tax purposes.

This distinction matters for users who rely on stablecoins for exchange operations, payment flows, collateral management, or temporary portfolio positioning. Under the proposed framework, the tax trigger could occur even when no euros are withdrawn to a bank account, potentially creating a mismatch between tax due and available liquid fiat to pay it.

While the measure does not automatically mean every stablecoin strategy will be unworkable, it does increase the importance of careful record-keeping and cost basis tracking—particularly for investors who repeatedly rotate between tokens or execute multi-leg trades that end in stablecoins.

Loss carryforwards and expanded exit taxation

France’s committee also adopted a measure that could reduce the impact of volatility for some investors. Amendment I-CCF798, introduced by MP Daniel Labaronne and adopted Wednesday, would allow taxpayers to carry forward realized crypto losses for 10 years.

Separately, the committee approved an exit-tax amendment adopted Thursday that would extend taxation of unrealized gains when certain taxpayers move their residence abroad.

According to the description in the source material, the exit-tax expansion would apply to taxpayers whose household crypto holdings are worth more than €800,000 ($895,000) at the time of the residential transfer. For such households, the implication is that moving overseas could become more expensive from a tax perspective—even if gains have not been realized through a sale for fiat.

How this fits into wider EU crypto tax rules

France is not acting in isolation. Across Europe, proposals for taxing crypto activity are taking different shapes, and the French committee’s approach is especially consequential because of its focus on stablecoin conversions.

For example, the source material notes that Greece’s Ministry of National Economy and Finance published a draft bill proposing a 10% tax on individuals’ crypto capital gains, with an exemption for annual gains up to 500 euros ($560). Unlike France’s conversion approach, the Greek draft is described as leaving crypto-to-crypto exchanges untaxed.

At the same time, EU-level reporting rules are already reshaping how tax authorities can track crypto activity. France and other EU member states are required to apply tax reporting under the bloc’s 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 member states. The reporting requirements began applying Jan. 1, 2026, and the first exchanges of information covering 2026 transactions are due by Sept. 2027.

That sequencing is important context: France’s proposed stablecoin conversion tax change targets how taxable events are defined, while DAC8 affects how accurately authorities can see what happened. For investors, the combination of clearer taxable triggers and expanding reporting capacity increases the likelihood that tax positions will be scrutinized.

What to watch next

With the committee’s proposals now moving toward broader parliamentary consideration, the main uncertainty is whether the stablecoin conversion rule and the exit-tax expansion survive the full legislative process. Investors in France should watch the 2027 Finance Bill discussions beginning Oct. 13 and track any amendments that clarify how “fiat-pegged stablecoins” are defined in tax practice and how taxpayers can plan for liabilities triggered without converting back into fiat.