France Approves Stablecoin Swap Tax, Crypto Exit Tax in 2027 Budget

France's National Assembly Finance Committee has approved sweeping crypto tax measures that could reshape the tax landscape for digital asset investors in the country. Key amendments adopted this week include Amendment I-CF1826, submitted by MP Nicolas Sansu, which would make conversions into fiat-pegged stablecoins taxable events starting January 1, 2027. The committee described the current tax treatment of crypto-to-stablecoin swaps as a "loophole in the legislation," with taxable gains calculated using the acquisition cost of disposed assets and a weighted average for holdings purchased at different prices. If enacted, investors could face capital gains taxes without ever cashing out into traditional fiat currency.

Additional provisions include Amendment I-CCF798 from MP Daniel Labaronne, which allows investors to carry forward realized crypto losses for ten years, and an exit tax amendment covering unrealized gains when taxpayers with household crypto holdings exceeding 800,000 euros (approximately $895,000) relocate abroad. The full National Assembly is scheduled to begin examining the 2027 Finance Bill on Tuesday, October 13. These measures come as the European Union continues implementing DAC8 reporting requirements, which took effect January 1, 2026, and mandate that crypto service providers collect user identities and transaction data for cross-border exchange among member states.

The French approach contrasts with proposals elsewhere in Europe. Greece's Ministry of National Economy and Finance published a draft bill on the same day proposing a 10% tax on individual crypto capital gains, with an exemption for annual gains up to 500 euros (roughly $560). Notably, the Greek proposal would leave crypto-to-crypto exchanges untaxed, highlighting divergent regulatory philosophies among EU member states as they work to harmonize crypto taxation within the bloc's broader reporting framework.