France's 2027 budget targets crypto with an exit tax and a stablecoin-swap levy
France's 2027 finance bill goes after crypto: an exit tax on €800,000+ unrealized gains, a tax on stablecoin swaps, and crypto folded into an 'unproductive wealth' levy.
Crypto taxation in France is about to shift up a gear. Ahead of the full-chamber debate on the 2027 Finance Bill — scheduled for Tuesday, 13 October 2026 — the French National Assembly’s finance committee adopted a set of amendments that would sharply tighten the taxation of digital assets, while lawmakers separately voted through an overhaul of the wealth tax that pulls crypto into its base. According to Cointelegraph, none of these measures is final yet: they must survive the parliamentary debate and then clear the Senate.
Stablecoin swaps would become taxable
Until now, converting a crypto asset into a stablecoin (an e-money token) has not been treated as a taxable disposal. Amendment I-CF1826, filed by MP Nicolas Sansu and adopted in committee, would end that de facto exemption from 1 January 2027: conversions into qualifying e-money tokens would count as taxable disposals. The finance committee described the current treatment as a “loophole in the legislation.”
In practice, this would extend France’s flat tax (PFU) — the single flat levy on crypto gains, raised to 31.4% as of 1 January 2026 — to an operation that traders widely use to lock in gains without cycling back into euros.
An exit tax on unrealized gains above €800,000
Amendment I-CF1822 would introduce an exit tax targeting households whose unrealized crypto gains exceed €800,000 (about $895,000) and who move their tax residence out of France. Per summaries by KuCoin and The Cryptonomist, the measure would apply to taxpayers who were French tax residents for at least six of the previous ten years, and would count both coins held on platforms and coins kept in personal wallets, including abroad.
A counterweight was adopted alongside it: amendment I-CCF798, brought by MP Daniel Labaronne, would allow realized crypto losses to be carried forward for ten years.
Crypto reclassified as ‘unproductive wealth’
On the floor, lawmakers also voted — by 163 votes to 150 — for an amendment replacing the current real-estate wealth tax (IFI) with a broader tax on “unproductive wealth.” The expanded base would capture assets previously exempt — artworks, precious metals, yachts — and crypto-assets. The rate floated: 1% per year on net “unproductive” wealth above €2 million.
The principle is radical because it would mean taxing unrealized gains every year, even without a sale. Éric Larchevêque, co-founder of Ledger, sharply criticized the move, arguing it sends a negative signal by labelling crypto “unproductive” and could force some holders to liquidate positions just to pay the tax.
What it changes for holders in France
| Measure | Trigger | Status |
|---|---|---|
| Stablecoin-swap tax | Crypto → stablecoin conversion from 2027 | Adopted in committee |
| Exit tax | > €800,000 in unrealized gains + leaving France | Adopted in committee |
| Loss carryforward (10 years) | Realized crypto losses | Adopted in committee |
| Unproductive-wealth tax | Net “unproductive” wealth > €2M | Passed on the floor (163-150) |
These moves follow DAC8, the EU tax-information-exchange framework in force since 1 January 2026, which strengthens the traceability of crypto holdings.
To understand why stablecoins sit at the centre of the debate, our explainer on stablecoin regulation breaks down their status, and our recap of the MiCA stablecoin rules shows the European framework within which France is legislating.
The bottom line
None of this is set in stone yet: the committee amendments must be confirmed on the floor, and the wealth-tax overhaul will still have to clear the Senate. But the direction is clear — France wants to close the “loopholes” in its crypto taxation and tax more broadly, including on unrealized gains. Affected holders should follow the 2027 Finance Bill vote closely.
Sources
- Cointelegraph — France Proposes Stablecoin Swap Tax and Crypto Exit Tax (9 Oct 2026)
- KuCoin News — France Proposes Exit Tax on Crypto Holders with Over €800,000 in Unrealized Gains
- The Cryptonomist — France Crypto Tax Changes Could Impact Stablecoin Swaps (11 Oct 2026)
- Cryptopolitan — France regulators advance vote to tax crypto as ‘unproductive wealth’
News summary based on the sources cited above. For general information only; not tax, legal or financial advice. Tax rules evolve and depend on your personal situation.