Crypto09 October, 20262 min read
France’s Finance Committee Backs 2027 Stablecoin Swap Tax And 10-Year Crypto Loss Relief
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Stablecoin swap becomes taxable from January 1, 2027, Finance Committee approves. Tax deferral on cryptocurrency-to-stablecoin conversions ends.
Stablecoin swaps to be taxed
France’s Finance Committee approved amendments that would tax conversions of cryptocurrencies into qualifying fiat-pegged stablecoins starting January 1, 2027, under Amendment I-CF1826 submitted by Nicolas Sansu.
The committee’s framework would remove the deferral that applies to stablecoin transactions, and it would generally recognize gains and losses from stablecoin transactions based on the sale price and basis of the stablecoins exchanged, including certain fees paid in connection with the stablecoin exchange.
The committee also backed a separate amendment that would extend the capital loss carryback period for cryptocurrency investors to 10 years, under Amendment I-CF798 submitted by Daniel Labaronne.
The National Assembly Finance Committee passed the stablecoin-related bill amendment on October 7, and the full Assembly was scheduled to begin examining the 2027 Finance Bill on Tuesday, Oct. 13.
The committee’s proposals remained at the committee stage and still required further parliamentary approval before becoming law.
Exit tax and reporting
France’s Finance Committee also approved an exit tax amendment that would apply when taxpayers with household crypto holdings worth more than 800,000 euros move their tax residence outside France, effective January 1, 2027. The committee’s explanatory text described the current tax treatment as a “loophole in the legislation,” because investors could reposition within the crypto ecosystem without triggering taxable events. The Finance Committee adopted the stablecoin taxation amendment on October 7, and it adopted the loss-carryforward measure alongside it, while the exit tax amendment was adopted on Thursday.
DAC8 regulations in the European Union require reporting on crypto service users and transactions by covered entities starting in 2026, with information sharing about taxes paid by EU countries starting in 2027. The Council of State rejected an appeal for emergency relief on September 17 but reserved judgment on an appeal to annul the national reporting rule.
What changes for investors
The stablecoin conversion rule would make crypto conversions into fiat-pegged stablecoins taxable events from Jan. 1, 2027, meaning investors could incur capital gains taxes without cashing out into fiat.
The explanatory text described taxable gains being calculated using the acquisition cost of the assets disposed of, with a weighted average method for holdings of the same token bought at different prices.
The loss amendment would allow investors to carry forward realized crypto losses for 10 years, so losses could offset eligible gains realized during that period rather than only within the same year.
The Finance Committee’s proposals also included a reporting obligation for holders of more than 100,000 euros in crypto assets, targeting assets kept in personal wallets outside exchange platforms, with a fine of up to 10,000 euros for non-compliance.
France reported $368 million in cryptocurrency capital gains on the tax returns of approximately 24,000 taxpayers in 2024, while Chainalysis projected $9.4 billion in cryptocurrency transaction taxes in France in 2025.