France’s National Assembly Finance Committee has approved two amendments that could substantially change cryptocurrency taxation from January 1, 2027, targeting conversions into stablecoins and unrealized gains held by investors leaving the country.
The measures, adopted on October 7 and 8, form part of the proposed 2027 Finance Bill. They would remove an existing tax deferral for certain cryptocurrency-to-stablecoin conversions and extend France’s exit-tax framework to cryptocurrency holdings exceeding €800,000.
Both amendments were introduced by lawmaker Nicolas Sansu of the Democratic and Republican Left parliamentary group. Their committee approval represents an initial legislative step rather than final enactment. The revenue provisions of the budget are scheduled for debate in the National Assembly from October 13 through October 19, with a formal vote planned for October 20.
Stablecoin Conversions Could Become Taxable Events
The first measure, amendment I-CF1826, was approved on October 7 and would modify Article 150 VH bis of France’s General Tax Code. Under existing rules, qualifying exchanges between digital assets generally benefit from tax deferral, with gains typically becoming taxable when assets are converted into fiat currency or used in taxable transactions.
The proposed amendment would remove that deferral when investors exchange cryptocurrency for electronic money tokens as defined under the European Union’s Markets in Crypto-Assets Regulation, or MiCA.
This classification covers qualifying fiat-referenced stablecoins, potentially affecting transactions involving euro- and dollar-denominated tokens that meet the regulatory definition.
For example, an investor who purchases Bitcoin for €20,000 and subsequently converts it into qualifying stablecoins worth €30,000 could realize a taxable €10,000 gain without withdrawing funds into a bank account.
The amendment would also revise acquisition-cost calculations, introducing weighted-average purchase costs for assets of the same type and transitional accounting options for holdings acquired before 2027. Its stated objective is to close what its sponsors describe as a tax gap between conversions into conventional currency and economically comparable stablecoins.
The proposal would apply to relevant transactions executed from January 1, 2027, if enacted.
Exit Tax Would Cover Crypto Portfolios Above €800,000
The second measure, amendment I-CF1822, received committee approval on October 8. It would extend France’s existing exit-tax regime to unrealized cryptocurrency gains when taxpayers transfer their tax residence outside France.
Currently, the exit-tax framework primarily addresses qualifying shareholdings and securities. The proposed change would bring directly held cryptocurrency portfolios into its scope when their combined value exceeds €800,000.
Affected taxpayers would be required to declare relevant holdings, including cryptocurrencies maintained on foreign platforms or in self-custodied wallets.
The amendment incorporates mechanisms associated with the existing exit-tax system, including payment deferrals and possible relief under qualifying circumstances. Its proposed implementation date is January 1, 2027, applying to subsequent transfers of tax residence.
The changes could affect portfolio management, liquidity planning and relocation decisions among cryptocurrency investors based in France.
However, the final scope remains uncertain. Committee-approved amendments must still survive parliamentary consideration before becoming binding legislation.
The National Assembly’s scheduled October 13–19 discussions therefore represent the next significant stage in determining whether France adopts the proposed changes to cryptocurrency taxation for 2027.