France Moves to Tax Stablecoin Swaps and Crypto Exits

France just made a move that could hit every crypto holder in the country. The National Assembly's Finance Committee voted to tax stablecoin swaps and extend the exit tax to crypto.

The stablecoin swap tax

Right now, swapping Bitcoin for a stablecoin like USDT or USDC triggers no tax in France. The state only collects when you sell for regular money or spend it. That is about to change.

From January 1, 2027, swapping into a MiCA-regulated stablecoin would count as a taxable sale. The gain would be measured against what you originally paid, taxed at France's flat rate of 31.4%.

The amendment was filed by Nicolas Sansu from the left-wing GDR group with 16 co-signers. They call it a hole in the legislation — not a new tax, just applying existing law to a case it missed.

The exit tax expansion

A second amendment would extend France's exit tax to crypto. If your household's combined crypto is worth more than €800,000 and you move your tax residence abroad, you would pay a levy on gains you have not cashed in yet.

The threshold matches the one already used for shares. You would have to attach a statement of all crypto held on the date of the move, including assets in self-custody.

What happens next

The committee rejected the budget's revenue section on October 9 by 31 votes to 3. The Assembly debates the revenue section from October 13 and votes October 20.

A third adopted amendment would let investors carry crypto losses forward for 10 years.

Why this matters

France is closing the stablecoin loophole that let gains escape taxation. If you are holding crypto in France, the rules are changing — and the clock is ticking toward 2027.