France’s National Assembly Finance Committee approved several crypto-related tax amendments as part of the proposed 2027 budget, though none have become law. Key committee-backed measures include making crypto-to-stablecoin conversions taxable starting January 1, 2027; permitting eligible crypto trading losses to be carried forward and offset against gains for up to 10 years; and applying an exit tax to certain unrealized crypto gains when taxpayers move their tax residence abroad, targeting qualifying holdings above €800,000. The committee adopted amendment I-CF1826 on stablecoin conversions, I-CF798 on loss carryforwards, and I-CF1822 regarding the exit tax, but all remain subject to further parliamentary approval.
Under the proposed stablecoin rule, swaps from cryptocurrencies into qualifying electronic money tokens would cease to benefit from the existing deferral treatment and would be treated as taxable disposals, with gains or losses calculated as the difference between disposal value and acquisition cost; documented transaction expenses could be deducted. For assets acquired before January 1, 2027, taxpayers could either use documented purchase prices or irrevocably elect a portfolio allocation method based on values as of December 31, 2026. The loss carryforward proposal would change current practice by allowing qualifying capital losses from digital asset disposals to offset eligible gains over a ten-year window rather than only within the same tax year.
These tax amendments come alongside France’s implementation of the EU DAC8 reporting regime, effective January 1, 2026, which requires covered crypto service providers to collect customer identification and transaction data for exchange between tax authorities in 2027. The committee-approved measures have prompted market participants to reassess expectations: pricing in prediction markets reportedly reflects a reduced likelihood of Bitcoin reaching $200,000 by the end of 2026. The ultimate scope and impact of these proposals will depend on further legislative stages and reactions from market actors, with potential implications for investor behavior and broader market sentiment.