France's National Assembly Finance Committee approved several crypto-tax amendments during its review of the 2027 budget, then rejected the entire revenue section that contained them. The October 9 vote means the full Assembly will begin its debate from the government's original text, not from a committee version carrying the crypto measures.

Stablecoin swaps were targeted

Amendment I-CF1826, filed by lawmaker Nicolas Sansu and co-sponsors, would treat conversions from cryptocurrencies into qualifying electronic-money tokens as taxable disposals from January 1, 2027. The category is defined through the European Union's Markets in Crypto-Assets regulation and generally covers stablecoins tied to a single official currency.

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French rules currently allow many exchanges between digital assets to occur without an immediate capital-gains charge. Tax is generally triggered when a holder sells for conventional currency or uses crypto to buy goods or services. The amendment argued that converting an appreciated asset into a fiat-linked stablecoin can lock in value while preserving that deferral, even though the stablecoin can be spent or exchanged again.

The proposal would calculate a gain or loss from the value received and the acquisition cost of the disposed assets, with documented transaction expenses taken into account. It did not create a separate stablecoin tax rate. Its stated purpose was to bring covered stablecoin conversions into the existing tax framework.

Exit tax and loss relief moved together

A separate amendment from Sansu would extend France's exit-tax regime to crypto held by households worth more than 800,000 euros when a taxpayer moves residence abroad. Decrypt reported that it would apply to people who had been French tax residents for at least six of the previous 10 years. Holdings through custodians and self-controlled wallets would be included, while crypto-to-crypto exchanges without a cash component would not count as disposals for that exit-tax calculation.

The committee also adopted amendment I-CF798 from Daniel Labaronne, which would let eligible losses from digital-asset transactions offset qualifying gains for as long as 10 years. That provision would give crypto investors a loss carry-forward similar to the treatment available for some securities. All three measures were committee proposals within the budget process, not enacted changes to current tax obligations.

The procedural reset matters

After considering the amendments, the committee rejected the budget's revenue section by 31 votes to 3. Because the committee did not approve that section, its amendments do not automatically travel into the floor text. The Assembly's public schedule shows the revenue debate beginning on October 13, with a formal vote expected on October 20. Supporters would have to table the crypto measures again for lawmakers to consider them in the chamber.

For exchanges, wallet providers and French taxpayers, the immediate position is therefore unchanged. The votes show that crypto taxation remains active in the 2027 budget debate, particularly around stablecoins that can function as a bridge between volatile tokens and fiat value. They do not establish a January 2027 implementation date. A committee vote can signal political support, but it cannot create a tax obligation without final legislation. Any practical change depends on renewed amendments surviving the Assembly, the Senate and the rest of the budget process.

Sources

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