France's National Assembly Finance Committee has approved amendments to the 2027 budget bill that would extend the country's exit tax to households holding more than €800,000 in cryptocurrency who relocate abroad. The committee also approved a measure treating crypto-to-stablecoin swaps as taxable sales. Both measures are scheduled to take effect on January 1, 2027, pending passage through the full legislative process.
The budget's revenue section was rejected on October 9, 2026, meaning the amendments must be reintroduced during floor debate, with a vote scheduled for October 20, 2026.
The Proposed Amendments
Amendment I-CF1822 targets the exit tax, applying it to households whose combined crypto holdings exceed €800,000 when they relocate their tax residence outside France. The measure operates through article 167 bis of the French tax code and borrows from France's existing framework for traditional securities, including the same threshold, residency requirements, and payment deferral mechanisms.
Amendment I-CF1826, adopted October 7–8, 2026, would make swaps of cryptocurrency into regulated stablecoins taxable events under article 150 VH bis, which covers capital gains on digital assets. Crypto-to-crypto swaps without cash components would remain outside this taxation requirement.
A related amendment would allow investors to carry forward realized crypto losses for up to 10 years, mirroring the treatment of stock losses.
Impact on Crypto Holders
The exit tax primarily affects high-net-worth individuals with substantial cryptocurrency portfolios. Previously, directly held cryptocurrency was not subject to France's exit tax, creating a difference in treatment between crypto and traditional financial assets. The amendment would narrow that disparity.
The stablecoin rule could affect active traders more broadly. Swaps into regulated stablecoins would generate taxable events, while the loss carryforward provision offers some offset for investors taking realized losses.
