France advances stablecoin tax as self-custody reporting plans linger
France's National Assembly narrowly adopted an amendment that would make some crypto-to-stablecoin swaps taxable from 2027, while proposals on an exit tax and self-custodial wallet declarations remain under consideration.
Why it matters: The votes show how France is weighing taxes on stablecoin swaps, unrealised gains and self-custodied holdings, rules that could affect crypto investors' reporting and tax bills.
Key points
- Amendment I-3898 passed by 38 votes to 37, with 25 abstentions, on Friday.
- Separate amendments would extend the exit tax above €800,000 ($895,000) and require declaring self-custodial wallets above €100,000 ($112,000).
French lawmakers have narrowly backed a stablecoin tax measure that would make certain crypto-to-stablecoin swaps taxable events from 2027. The National Assembly adopted Amendment I-3898 on Friday by 38 votes to 37, with 25 abstentions, Cointelegraph reports. The measure began as committee amendment I-CF1826, introduced by MP Nicolas Sansu and adopted on 7 Oct.
Under the proposal, investors who convert Bitcoin or other cryptocurrencies into stablecoins would owe tax on the gains even without cashing out into fiat.
Lawmakers also rejected a plan to let realised crypto losses be carried forward for 10 years, by 18 votes to 75 with 3 abstentions. Two further proposals remain under consideration. Amendment I-CF1822 would extend France's exit tax to unrealised gains when taxpayers with crypto portfolios above €800,000 ($895,000) move their residence abroad. Amendment I-2701 would require people to declare self-custodial wallet holdings worth more than €100,000 ($112,000) in the relevant tax year.
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