France’s lawmakers have moved to tax crypto-to-stablecoin swaps, impose an exit tax on large crypto portfolios and make residents declare big self-custody wallets. The France crypto tax measures cleared the National Assembly’s finance committee this week, but none of them is law yet.
Key Takeaways
- Swapping crypto for a fiat-backed stablecoin would become a taxable event from Jan. 1, 2027.
- People leaving France with more than €800,000 in crypto would face an exit tax on unrealized gains.
- Residents would have to declare self-custody wallets worth €100,000 or more, with fines up to €10,000.
- Crypto losses could be carried forward for 10 years, a rare win for investors.
- The full Assembly debates the budget from Oct. 13 to Oct. 19, and the Senate follows.
What is in the France crypto tax package?
The committee reviewed about ten crypto amendments to the 2027 budget bill between Oct. 7 and Oct. 9, according to Journal du Coin and TokenPost. Four of them stand out.
Stablecoin swaps lose their tax deferral
Today, trading one crypto asset for another is tax-neutral in France. Tax is only due when an investor cashes out to euros or buys goods. Amendment I-CF1826, filed by Nicolas Sansu and 16 GDR deputies, removes that deferral for e-money tokens under MiCA. In plain terms, these are stablecoins backed by an official currency.
The authors call the current rule “a hole in the legislation.” As a result, parking gains in a stablecoin would trigger tax from Jan. 1, 2027. Bitcoin-to-altcoin trades, however, would stay deferred.
An exit tax for crypto portfolios above €800,000
The same group’s amendment I-CF1822 extends France’s exit tax to crypto. It targets residents who lived in France for at least six of the last ten years. The tax falls on unrealized gains when holdings exceed €800,000, the same threshold already used for shares, according to the amendment text. Wallets held abroad or in self-custody count too.
Self-custody wallets above €100,000 must be declared
Amendment I-CF821 from Charles de Courson would require residents to report self-hosted wallets worth €100,000 or more on Dec. 31. Missing the filing could cost up to €10,000, Cryptoast reported. His case rests on one figure: €3.5 billion in crypto gains in 2021 against only €400 million in declared assets.
A 10-year loss carry-forward
On the positive side, the committee backed amendment I-CF798 from Daniel Labaronne. It lets investors carry crypto losses forward for ten years, just like losses on stocks. Meanwhile, the committee rejected a plan to add crypto to a wider wealth tax.
Why is the wallet declaration so controversial?
Security is the main worry. France has recorded close to a hundred violent attacks on crypto holders, often kidnappings aimed at draining self-custody wallets. Critics fear that a register of wealthy wallet owners could leak.
That fear is not abstract. In August, The Block reported that hackers stole tax data on about 678,000 French taxpayers. Even so, Cryptoast noted that lawmakers did not discuss physical security during the vote.
If you hold your own keys, our self-custody wallet setup guide explains how to lower your risk.
When could the France crypto tax changes take effect?
For now, the France crypto tax rules change nothing. In a budget debate, the full Assembly restarts from the government’s text, so each amendment must be voted again. The floor debate runs from Oct. 13 to Oct. 19, with a vote on the revenue section on Oct. 20. The final Assembly vote is set for Nov. 17, and then the Senate takes over.
History also urges caution. In April 2026, a joint committee dropped a plan to declare wallets above just €5,000. Likewise, a wealth tax on “unproductive” assets passed the Assembly in 2025 but vanished from the final budget.
What does it mean for crypto investors and markets?
The direct market impact should be small, because the rules only touch French tax residents. Still, France is one of the largest crypto markets in the European Union. Taxing stablecoin swaps would end a popular way to lock in gains without cashing out.
The France crypto tax push also lines up with a wider European trend. Since January 2026, the EU’s DAC8 directive has required platforms to collect user and transaction data for tax authorities. Self-custody wallets were the main gap, and this amendment aims to close it. Other countries are rethinking crypto tax too, such as Greece with its 10% proposal.
For investors elsewhere, the lesson is simple. Tax authorities increasingly treat stablecoins like cash. Our guide to stablecoins and our crypto tax basics explain the key concepts.
Bottom line
The France crypto tax package is a strong signal, not a done deal. Watch the Assembly floor votes from Oct. 13. They will show whether the stablecoin tax, the exit tax and the wallet register survive.
Disclaimer: This article is for information only and is not financial, legal or tax advice. Always do your own research (DYOR) and consult a qualified tax professional before making decisions.
