France’s National Assembly has narrowly adopted a new amendment that could treat some crypto-to-stablecoin conversions as taxable events starting in 2027, potentially reshaping how investors calculate and report crypto capital gains. The decision, taken during a Friday vote, also left several other crypto-related tax and compliance proposals still in play for the 2027 Finance Bill.
Under the approved text, investors who convert cryptocurrencies such as Bitcoin into stablecoins would generally face tax on gains—even if they do not later convert those proceeds into fiat currency. Lawmakers are expected to continue debating parts of the 2027 Finance Bill on Tuesday, according to the Assembly’s published schedule.
Key takeaways
Amendment I-3898 was adopted by the French National Assembly with a close vote tally of 38 in favor, 37 against, and 25 abstentions.
Crypto-to-stablecoin swaps may become taxable events from 2027, even when stablecoins are not immediately exchanged for fiat.
Gains would be computed using the acquisition cost of the original crypto asset and a weighted average purchase price approach.
Separate proposals remain uncertain, including plans tied to France’s exit tax regime and reporting expectations for self-custodial wallets.
A proposal to extend loss carryforwards was rejected, meaning realized crypto losses would not be automatically carried for a decade under that specific plan.
What the adopted stablecoin amendment would change
The amendment adopted on Friday—Amendment I-3898—was initially introduced as committee Amendment I-CF1826 by French MP Nicolas Sansu, and it was first adopted by the committee on Oct. 7, according to the Assembly materials. The proposal’s central effect is to change when a tax liability arises for certain investors performing conversions from cryptocurrencies into stablecoins.
If enacted, the measure would tax investors on gains from converting Bitcoin or other cryptocurrencies into stablecoins, without requiring that those gains be converted into euros (or another fiat currency). In other words, the taxable event would be the swap itself, not the final move to cash.
The amendment also specifies how the taxable gain would be calculated. It would rely on the acquisition cost of the crypto that was sold and use a weighted average purchasing price method to determine the relevant cost basis.
For investors and traders, the practical implication is straightforward but significant: stablecoin purchases could trigger tax reporting obligations that previously might have been tied more directly to fiat exits. This can affect holding strategies, tax planning, and recordkeeping—especially for users who routinely rotate between crypto assets and stablecoins for liquidity management.
The Assembly is scheduled to vote on the first part of the 2027 Finance Bill on Tuesday, based on its official schedule. While the amendment itself has now passed the Assembly stage addressed by the vote, it remains part of the broader legislative process and could face further scrutiny as the Finance Bill advances.
For background on how similar rules can operate across the EU, Cointelegraph previously covered how the EU’s crypto tax framework is expected to work for both users and platforms in an explainer: How the EU’s crypto tax rules are expected to work for users and platforms.
Timeline and legislative path for the 2027 Finance Bill
Friday’s vote was not the end of the story. The National Assembly will continue considering parts of the 2027 Finance Bill as scheduled on Tuesday, and additional crypto-related proposals are likely to be handled during the budget process. However, it remains unclear from the information available whether each remaining proposal will definitely be debated and voted on that specific date.
The stablecoin amendment adopted Friday does not yet confirm final implementation by itself; it signals movement in the Assembly and sets the direction for what the 2027 tax rules may include if the Finance Bill ultimately incorporates it.
Earlier coverage from Cointelegraph identified the stablecoin amendment’s origin and the conditions under which it was first introduced. That reporting—referenced in the parliamentary text—described the measure as a response to how crypto-to-stablecoin activity might be treated for tax purposes starting in 2027.
Other crypto tax proposals: loss carryforwards, exit tax, and self-custody reporting
While lawmakers advanced the stablecoin amendment, they also rejected a separate proposal on Friday that would have carried realized crypto losses forward for 10 years. According to the Assembly vote record, the rejected proposal received 18 votes in favor, 75 against, and 3 abstentions. If that specific plan does not return in some revised form, the ability to defer the tax impact of crypto losses would remain narrower than the rejected proposal suggests.
Lawmakers are also weighing a change to France’s exit tax regime. Amendment I-CF1822 is listed as part of the broader legislative set, and another amendment—I-CF1822—would extend France’s exit tax framework to cover unrealized gains. The extension would apply when certain taxpayers with an aggregate crypto portfolio value exceeding €800,000 ($895,000) transfer their residence abroad.
Alongside exit tax concerns, lawmakers are considering a compliance proposal focused on self-custodial activity. Amendment I-2701 would require individuals to declare the holdings of self-custodial wallets if the total value exceeds €100,000 ($112,000) in the relevant tax year.
As of Monday, both the exit tax extension and the self-custodial wallet reporting requirement remained under consideration for the 2027 Finance Bill, meaning the final shape of France’s approach to crypto taxes and reporting is still unsettled.
Why the stablecoin change matters for users and traders
France’s move sits squarely at a fault line in crypto taxation: whether switching between crypto assets and stablecoins should be treated like a temporary move in an investor’s portfolio or like a realized, taxable event. By aiming to tax crypto-to-stablecoin swaps without requiring a subsequent fiat conversion, the amendment would close a potential gap in tax timing for users who may otherwise treat stablecoin rotations as non-taxable internal movements.
This matters particularly for active users—market makers, liquidity providers, and traders—whose day-to-day workflows often include converting into stablecoins for hedging, settlement, or risk management. If stablecoin acquisitions are taxed events, recordkeeping requirements would likely become more burdensome, and tax liabilities could arise earlier than some participants may have anticipated under older interpretations.
At the same time, the rejected loss-carryforward proposal highlights that policymakers are not simply expanding crypto tax benefits across the board. Instead, the legislative direction shown by the stablecoin vote and the rejection of extended loss carryforwards suggests a balancing act between capturing taxable events and maintaining limits on how losses can be applied.
With the Assembly scheduled to vote on parts of the 2027 Finance Bill next Tuesday, the next key question is whether Amendment I-3898 survives the remaining stages intact and how the other proposals—exit tax expansion and self-custody reporting—are ultimately resolved. Investors in France will want to watch for the final text and any clarifications on implementation details, thresholds, and calculation mechanics as the budget process advances.
This article was originally published as France Moves Forward on Stablecoin Tax as Exit and Wallet Rules Drafted on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.