France’s National Assembly has adopted a crypto tax amendment that could make certain crypto-to-stablecoin swaps taxable events from 2027, if the measure is enacted.
According to Cointelegraph, lawmakers approved Amendment I-3898 on Friday by 38 votes to 37, with 25 abstentions. The measure was first introduced as committee amendment I-CF1826 by French lawmaker Nicolas Sansu and was adopted on Oct. 7.
Crypto-to-stablecoin swaps could trigger tax
Under the proposal, investors who convert Bitcoin (BTC) or other cryptocurrencies into stablecoins would trigger tax on gains even if those gains are not converted into fiat.
The amendment would also change the way France calculates crypto capital gains tax. The calculation would rely on the acquisition cost of the crypto asset sold and the weighted average purchase price.
The Assembly is scheduled to vote on the first part of the 2027 Finance Bill on Tuesday, according to its official agenda. Other crypto-related proposals are still under consideration, though it remains unclear whether each one will be debated or voted on that day.
Exit tax and self-custodial wallet reporting proposals remain under review
Separately, the Assembly rejected a proposal on Friday that would have allowed realized crypto losses to be carried forward for 10 years. That measure received 18 votes in favor, 75 against and 3 abstentions.
Lawmakers are also preparing to discuss other crypto-related proposals as part of next year’s budget process. Amendment I-CF1822 would extend France’s exit tax regime to unrealized crypto gains when taxpayers with aggregate crypto portfolio values above €800,000, or about $895,000, move their residence abroad.
Another proposal, Amendment I-2701, would require individuals to declare holdings in self-custodial wallets if the total value of those wallets exceeded €100,000, or about $112,000, during the relevant tax year.
As of Monday, both proposals remained under consideration for the 2027 Finance Bill.