France's National Assembly Finance Committee has approved amendments to the country's 2027 budget bill that would tax conversions into fiat-pegged stablecoins and extend existing crypto investor levies.
Amendment I-CF1826, submitted by French MP Nicolas Sansu and adopted Wednesday, would classify crypto conversions into fiat-pegged stablecoins as taxable events starting January 1, 2027. The amendment's explanatory text characterizes the current tax treatment as a "loophole in the legislation."
Under the proposal, taxable gains would be calculated using the acquisition cost of disposed assets, with a weighted average method applied to holdings of the same token purchased at different prices. This means investors could face capital gains taxes on stablecoin conversions without cashing out into traditional fiat currency.
The full National Assembly is scheduled to begin examining the 2027 Finance Bill on Tuesday, October 13. If enacted, the measure would represent a significant change in how France treats cryptocurrency transactions.
Additional Amendments
A second amendment adopted Wednesday, Amendment I-CCF798 from MP Daniel Labaronne, would allow investors to carry forward realized crypto losses for up to 10 years.
A third amendment approved Thursday would extend France's exit tax to cover unrealized gains when taxpayers with household crypto holdings exceeding 800,000 euros ($895,000) transfer their residences abroad.
European Regulatory Landscape
France's approach contrasts with other European Union member states. Greece's Ministry of National Economy and Finance published a draft bill Wednesday proposing a 10% tax on individuals' crypto capital gains, with an exemption for annual gains up to 500 euros ($560). Unlike France's conversion tax, the Greek proposal would leave crypto-to-crypto exchanges untaxed.
France and other EU members are implementing tax reporting rules under the eighth amendment to the Directive on Administrative Cooperation (DAC8). This directive requires crypto service providers to collect user identities and transaction data and report them to national tax authorities, which exchange information across EU member states. The crypto reporting requirements began on January 1, 2026, with the first exchanges of information covering 2026 transactions due by September 2027.
