France Weighs 31.4% Tax on Bitcoin-Stablecoin Swaps
France is considering a 31.4% capital gains tax on some Bitcoin-to-stablecoin swaps, even when traders do not convert their holdings into fiat currency. The proposal also includes an exit tax on unrealised gains for residents leaving France with more than €800,000 in crypto assets, disclosure of self-custody wallets holding at least €100,000, and the option to carry crypto losses forward for up to 10 years.
The measures were approved by the National Assembly’s Finance Committee, but withdrawn after lawmakers rejected the 2027 budget’s revenue section. They must be resubmitted for debate in the full National Assembly and are not law. If passed, they are scheduled to take effect on 1 January 2027. The proposed France crypto tax could affect trading and tax planning, but its uncertain status limits any immediate impact on Bitcoin markets.
Neutral
The proposal could raise the cost of some Bitcoin-to-stablecoin trades if enacted, potentially discouraging affected French traders from swapping BTC and prompting changes in trading or residency plans. That could weigh on local trading activity in the longer term. However, the measures are not law, were withdrawn from the budget process, and must be resubmitted for parliamentary review; any implementation is not expected before 2027. The news therefore does not establish an immediate change in Bitcoin’s global supply or demand. Short-term BTC price effects are likely limited, while any longer-term response would depend on whether the proposal returns, its final scope, and how traders adapt.