French National Assembly Passes Tax Amendment on Stablecoin Transactions, Effective 2027

The French National Assembly passed Amendment I-3898 with 38 votes in favor, 37 against, and 25 abstentions, proposing to tax certain cryptocurrency exchanges for stablecoins, expected to take effect in 2027. This measure will change the calculation method for capital gains tax on cryptocurrencies, meaning that investors may trigger tax liabilities on related gains when exchanging Bitcoin or other cryptocurrencies for stablecoins, even if they do not convert them into fiat currency. The Assembly is scheduled to vote on the first part of the "2027 Finance Bill" on Tuesday, having rejected a proposal to carry forward realized cryptocurrency losses for 10 years with 18 votes in favor, 75 against, and 3 abstentions. Legislators are also reviewing two cryptocurrency tax proposals: I-CF1822 aims to expand the exit tax to unrealized gains for taxpayers with a total cryptocurrency portfolio value exceeding €800,000; I-2701 proposes requiring the declaration of holdings from self-custody wallets, with a threshold of total value exceeding €100,000 for the relevant tax year. Both proposals are still under review as of Monday.

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