France to Introduce Tax on Stablecoin Swaps Starting 2027

The Finance Committee of the French National Assembly has approved proposals for taxing stablecoin-to-fiat exchanges and extending the exit tax for crypto investors. Starting January 1, 2027, cryptocurrency conversions into stablecoins pegged to fiat currencies will be considered taxable events. The current tax practice is described in the explanatory note as a "loophole in the legislation." Taxable profits will be calculated based on the purchase price of the assets, with a weighted average cost for tokens purchased at different prices.

Amendment I-CF1826 was introduced by Deputy Nicolas Sansu and was adopted on Wednesday. The full session of the National Assembly will begin considering the budget bill for 2027 on Tuesday, October 13. If passed, investors may face capital gains tax even without converting assets into fiat. Amendment I-CCF798 by Deputy Daniel Labaronne, also adopted on Wednesday, will allow realized crypto losses to be carried forward for 10 years. A separate exit tax amendment, adopted on Thursday, will affect unrealized gains when taxpayers with household crypto assets worth more than 800,000 euros ($895,000) relocate abroad. On Wednesday, Greece's Ministry of National Economy and Finance published a bill for a 10% capital gains tax on individuals, with an exemption for annual profits up to 500 euros ($560). Unlike the French conversion tax, the Greek proposal leaves crypto-to-crypto exchanges untaxed.

France and other EU countries must apply the bloc's tax reporting rules under the eighth amendment to the Directive on Administrative Cooperation (DAC8). DAC8 requires crypto providers to collect data on users and transactions and pass it on to national tax authorities, who then exchange information with counterparts in other EU countries. The requirements came into effect on January 1, 2026, and the first exchange of information on 2026 transactions is scheduled for September 2027.