France's National Assembly Finance Committee has approved two amendments that could significantly alter cryptocurrency taxation starting January 1, 2027. The measures target crypto-to-stablecoin conversions and the application of France's exit-tax framework to cryptocurrency portfolios above €800,000.
Stablecoin conversions may become taxable events. Amendment I-CF1826, adopted on October 7, would modify Article 150 VH bis of France's General Tax Code. Currently, qualifying exchanges between digital assets often benefit from tax deferral until conversion into fiat or taxable use. The proposal would remove that deferral for exchanges into electronic money tokens as defined under the European Union's Markets in Crypto-Assets Regulation, or MiCA. This covers qualifying fiat-referenced stablecoins. For example, an investor who bought Bitcoin for €20,000 and later converted it into qualifying stablecoins worth €30,000 could realize a taxable €10,000 gain without withdrawing to a bank account.
Exit tax would cover crypto portfolios above €800,000. Amendment I-CF1822, approved on October 8, would extend France's existing exit-tax regime to unrealized cryptocurrency gains when taxpayers transfer their tax residence outside France. Affected taxpayers would need to declare relevant holdings, including crypto on foreign platforms or in self-custodied wallets, if their combined value exceeds €800,000. The amendment incorporates existing exit-tax mechanisms, including payment deferrals and possible relief.
Both amendments were introduced by lawmaker Nicolas Sansu of the Democratic and Republican Left parliamentary group. Their committee approval is an initial legislative step rather than final enactment. The revenue provisions of the 2027 Finance Bill are scheduled for debate in the National Assembly from October 13 through October 19, with a formal vote planned for October 20. If enacted, the changes would apply to relevant transactions from January 1, 2027.
The proposals could affect portfolio management, liquidity planning and relocation decisions for cryptocurrency investors based in France. Some market commentary has highlighted projects such as NEAR, HYPE, LINK, ONDO and SUI as areas spanning scalability, decentralized trading, oracle infrastructure, tokenized assets and decentralized applications. However, the available information indicates the French proposals do not directly target those tokens; their prospects rely more on ecosystem activity, adoption and broader market demand.
