French Lawmakers Approve Tax on Stablecoin Conversions from 2027 and Extend Exit Tax to Crypto Investors

Legislative Measures on Crypto Taxation in France

Amendment I-CF1826, submitted by MP Nicolas Sansu and approved by the Finance Committee on October 6, establishes that converting cryptocurrencies into fiat-pegged stablecoins will be taxable starting January 1, 2027. The explanatory statement identifies this as closing a current “loophole” in the legislation that allows such exchanges to avoid taxation.

Under the amendment, taxable gains will be calculated using the acquisition cost of the disposed assets. Where multiple purchases of the same token were made at different prices, a weighted average cost basis will be applied.

Additionally, another amendment proposed by MP Daniel Labaronne, I-CCF798, permits investors to carry forward realized crypto losses for up to 10 years, enabling them to offset future gains against past losses.

Extension of the Exit Tax to Crypto Holders

A separate amendment adopted expands France’s exit tax to cover taxpayers holding crypto assets worth over €800,000 ($895,000). When such individuals transfer their tax residence abroad, not only realized but also unrealized capital gains will be subject to taxation.

The exit tax aims to prevent tax avoidance through changing residency by taxing unrealized gains as if they were realized at the moment of departure.

Comparison with Other EU Crypto Tax Approaches and DAC8 Requirements

On the same day, Greece’s Ministry of National Economy and Finance published a draft bill proposing a 10% tax on individuals’ crypto capital gains, exempting annual gains up to €500. Unlike France’s proposal, Greece would not tax crypto-to-crypto exchanges, whereas France plans to tax conversions to stablecoins as taxable events.

France and other EU members must comply with the eighth amendment to the Directive on Administrative Cooperation (DAC8), which came into effect on January 1, 2026. DAC8 requires crypto service providers to collect identity and transaction data from users and report them to national tax authorities. The authorities then exchange this information with their EU counterparts. The first exchange covering 2026 transactions is due by September 2027.