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France’s National Assembly Finance Committee voted this week to tax conversions of crypto into fiat-pegged stablecoins, a change that would take effect from Jan. 1, 2027, Cointelegraph reported. Amendment I-CF1826, put forward by MP Nicolas Sansu, was adopted on Wednesday and would treat those swaps as taxable events even though no euros change hands.
The committee also adopted Amendment I-CCF798 from MP Daniel Labaronne, which would let investors carry forward realized crypto losses for 10 years, and a separate exit tax amendment on Thursday covering unrealized gains. France’s current rules generally defer taxation on crypto-to-crypto exchanges until the assets are converted into fiat.
Key facts
- Amendment I-CF1826 would make crypto conversions into fiat-pegged stablecoins taxable events from Jan. 1, 2027; it was adopted on Wednesday.
- Gains would be calculated using the acquisition cost of the disposed assets, with a weighted average for the same token bought at different prices.
- Amendment I-CCF798 would allow realized crypto losses to be carried forward for 10 years.
- The exit tax amendment adopted Thursday applies to unrealized gains when taxpayers with household crypto holdings above 800,000 euros ($895,000) move their residence abroad.
- The full Assembly is scheduled to begin examining the 2027 Finance Bill on Tuesday, Oct. 13.
What France is changing
The explanatory text accompanying Amendment I-CF1826 describes the existing treatment as a loophole in the legislation, according to a machine translation. In practice, the amendment means an investor holding a position that has gained in value could face a capital gains tax bill on a swap into a stablecoin without ever cashing out into a bank account.
A crypto investor in France who has bought the same token at several prices would have gains computed on a weighted average cost basis, rather than on a first-in, first-out method, per the amendment text.
Also read: Hungary scraps mandatory crypto checks as first MiCA license is granted
Cryptobriefing reported that the Finance Committee vote targets Bitcoin-to-stablecoin swaps in particular and noted the proposal has not yet become law, with further parliamentary approval required. Cryptobriefing also wrote that market participants read the development as adding regulatory uncertainty and that prediction-market pricing showed a decrease in the perceived likelihood of Bitcoin reaching $200,000 by the end of 2026. Cointelegraph’s report covers the amendment text and the wider European tax picture but does not include prediction-market pricing.
Why it matters
France’s committee-stage vote lands while the European Union is rolling out a common crypto reporting standard. Under the eighth amendment to the Directive on Administrative Cooperation, known as DAC8, crypto service providers must collect users’ identities and transaction data and report them to national tax authorities, which then exchange the information with counterparts in other member states.
Those reporting requirements began applying on Jan. 1, 2026, and the first exchanges of information covering 2026 transactions are due by Sept. 2027. For taxpayers, that pairing matters: data collected this year could line up with a new French taxable event next year if the budget amendments survive the legislative process. Elsewhere in Europe the direction is different. Cointelegraph reported that Greece’s Ministry of National Economy and Finance published a draft bill on Wednesday proposing a 10% tax on individuals’ crypto capital gains, with an exemption for annual gains of up to 500 euros ($560), and leaving crypto-to-crypto exchanges untaxed.
What to watch
The full National Assembly is scheduled to begin examining the 2027 Finance Bill on Tuesday, Oct. 13, the next stage where the amendments can be kept, changed or dropped. The first DAC8 information exchanges, covering 2026 transactions, are due by Sept. 2027.
Nothing here is financial advice, and crypto markets are volatile and uncertain.
Reported by cointelegraph.com.
Sources: Cointelegraph, Cryptobriefing