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ETH French lawmakers approved tax measures on digital assets and subsequently rejected the draft budget for 2026
The French Parliament's Finance Committee has approved two new tax measures on digital assets: one is a tax requirement on conversions between stablecoins and other forms of value; and the other is a "departure tax" on cryptocurrency holders who move their tax residency out of France. Although the committee supported both provisions, it subsequently rejected the broader 2026 budget bill that included the measures. This veto does not necessarily mean that the tax measure is completely repealed, as French budget legislation typically requires additional review and revision procedures before it is finally passed.
A decisive vote will be held on October 20.
According to relevant reports, a decisive vote on this matter is scheduled to be held on October 20. This date is expected to clarify whether the stablecoin conversion tax and departure tax provisions will remain as they are, revised, or removed completely from the final budget proposal.
Impact of the stablecoin conversion tax
The stablecoin conversion tax will apply to transactions that convert stablecoins into other assets. With the widespread use of dollar-linked digital tokens in transactions and payments, the size of such assets has grown significantly. Taxing such conversions could affect the way French residents use stablecoins in daily transfers and portfolio management.
Extension of the concept of departure tax
离境税并非法国财政政策中的新概念。长期以来，当居民移居海外时，法国会对某些资产类别征收离境税，以防止财富通过搬迁逃避国内税收。将这一原则扩展到加密货币持有领域，将使数字资产与已给予某些传统金融工具的处理方式保持一致。
法国立法政治的碎片化特征
先批准税收措施后否决整体预算的事件序列，反映了法国立法政治的碎片化性质。近年来，法国预算谈判面临重重困难，各政治派别在支出优先事项和收入措施上存在分歧。加密货币征税已成为这场更大规模财政辩论中的争议焦点之一。
市场不确定性
目前，稳定币和离境税提案的具体措辞，包括适用税率和门槛，在现有报道中尚未详细披露。观察人士将密切关注10月20日的投票结果，以确定这些措施是否会在修订后的预算文本中重新出现，或与被否决法案的其他条款一起被放弃。
For high-net-worth individuals in France, if a departure tax is adopted, it could affect their decision to consider moving tax resident status, a pattern that has emerged in other jurisdictions where similar rules exist. In addition, the stablecoin conversion tax may also affect transaction behavior and the attractiveness of stablecoin for payments in France, although the actual impact depends on the final tax rate structure and exemption terms, which have not yet been confirmed. Discussions at the EU level on stablecoin regulation (such as the MiCA Code for Cryptocurrencies) mean that any France-specific tax rules will interact with existing regulatory frameworks on a continental scale.
The fate of France's proposed stablecoins and cryptocurrency departure taxes now depends on the budget process continuing into a vote on October 20, when lawmakers will decide whether the measures survive, change or disappear.
FAQs
What is a cryptocurrency departure tax?
Departure tax applies to unrealized gains when an individual changes his tax resident status and leaves the country, including cryptocurrencies. In the past, France has used similar taxes on other asset classes.
Why did the committee reject the budget after approving the cryptocurrency tax measure?
The budget's veto reflects broader differences over the entire fiscal package, rather than necessarily opposition to the cryptocurrency provisions themselves, which were approved separately during the committee process.
Does the committee's veto of the budget mean that the cryptocurrency tax will be eliminated?
Not necessarily. French budget legislation typically requires further reading and revision, and the measures may still be reintroduced or adjusted before the October 20 vote.
What will happen on October 20?
It is reported that a key decision is expected on that date, which will clarify whether the stablecoin conversion tax and cryptocurrency departure tax will be continued, revised, or removed from the final budget.
