France Advances Stablecoin Swap Tax and Crypto Loss Relief

| cointelegraph.com
France’s National Assembly Finance Committee has backed several crypto tax measures in the 2027 budget debate. The central proposal would make crypto-to-stablecoin conversions taxable from Jan. 1, 2027, potentially triggering capital gains tax even when investors do not cash out. Submitted by MP Nicolas Sansu, it would end the current tax deferral for qualifying stablecoin swaps. The committee also approved a proposal allowing eligible realized crypto losses to be carried forward for up to 10 years, and a separate exit tax on certain unrealized gains for taxpayers moving abroad with qualifying household crypto holdings above €800,000. The full Assembly is due to begin reviewing the budget bill on Oct. 13; none of the measures is law yet. The stablecoin swap tax differs from a Greek draft proposal that would tax individual crypto gains at 10%, exempt annual gains of up to €500 and leave crypto-to-crypto trades untaxed. EU crypto tax reporting rules also require service providers to collect and report customer and transaction data. For traders, the French proposals could affect the timing of stablecoin conversions and portfolio planning, including decisions involving assets such as BTC and ETH, but do not directly change crypto prices or market access.
Neutral
The proposals concern French tax treatment, not crypto protocol fundamentals, liquidity or market access, so they do not create a direct price catalyst for BTC, ETH or the broader crypto market. In the short term, traders may adjust the timing of stablecoin conversions or monitor the budget process, but the measures remain proposals and are not yet law. That could create localized uncertainty for French investors without materially changing global supply and demand. Over the longer term, taxing qualifying crypto-to-stablecoin swaps could influence portfolio turnover and encourage some investors to hold assets longer or use different tax-planning approaches. The 10-year loss carryforward could partly offset that burden, while the proposed exit tax may affect some taxpayers’ relocation decisions. The eventual market effect will depend on the final legislation and implementation; overall, the likely impact on crypto prices is indirect and limited.