A National Assembly committee adopted amendments taxing stablecoin swaps and crypto exits by wealthy holders, then rejected the 2027 budget's revenue section.
France’s National Assembly Finance Committee voted this week to tax crypto holders who swap into stablecoins—tokens tied to a single official currency, such as the dollar or the euro—and to charge an exit tax on wealthy holders who move abroad.
The votes may not matter much yet: on Friday the committee rejected the budget’s entire revenue section by 31 votes to 3, so the full Assembly starts from the government’s original text, without the crypto amendments.
The committee’s amendments do not carry over to that text, so their backers would have to table them again for the floor debate that begins Oct. 13. Neither measure is law, and both still have to get through the rest of the legislative process.
The stablecoin amendment , filed by Nicolas Sansu of the left-wing GDR group and 16 co-signers, goes after what the authors call “a hole in the legislation.” Today, swapping Bitcoin for a stablecoin triggers no tax in France, because the state only collects when gains are sold for regular money or spent.
The text covers the electronic money tokens defined under MiCA , the EU’s crypto rulebook, a category that includes most stablecoins tied to a single currency. From Jan. 1, 2027, swapping into one would count as a sale, with the gain measured against what the holder originally paid.
The amendment names no rate and defers to France’s flat tax, which rose to 31.4% on Jan. 1 after the 2026 social-security financing law lifted the social-charge portion from 17.2% to 18.6%. The authors insist they are not creating a new burden, only applying existing law to a case it missed.
The authors say stablecoins can be perfectly ordinary investment vehicles, since they can pay for things at crypto service providers or buy other tokens, so the deferral on swapping into them is unjustified and lets the gain escape the flat tax.
A second amendment from Sansu would extend France’s exit tax to crypto. That is a levy on gains you have not cashed in yet, charged when you move your tax residence abroad.