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ETH Finance Committee of the French National Assembly passes amendment to cryptocurrency tax
On Wednesday, the Finance Committee of the French National Assembly passed an amendment stipulating that starting from January 1, 2027, the proceeds generated by the conversion of cryptocurrencies into electronic currency tokens (i.e., fiat pegged stablecoins) regulated by the Cryptocurrency Markets Regulation (MiCA) will be included in the scope of taxation. The amendment was proposed by the left-wing Democratic and Republican Left Group (GDR) and is expected to bring about 1.5 billion euros (about 1.68 billion US dollars) in revenue to the country, but the specific statistical cycle was not clarified.
In addition, the committee also supports two other cryptocurrency tax-related measures: one is to allow cryptocurrency losses to be carried forward for ten years; and the other is to impose a departure tax on unrealized gains on households holding more than 800,000 euros (approximately 896,000 US dollars) in cryptocurrency leaving the country.
Filling legal loopholes, stablecoins will also pay taxes
French lawmakers voted to pass the amendment as part of the 2027 budget bill. The change, which will take effect on January 1, 2027, aims to close what its drafters call a loophole in French law-previously, investors avoided France's flat tax rate on investment income by converting earnings into stablecoins.
The Finance Committee of the National Assembly formally adopted the amendment on Wednesday. The amendment was submitted by Nicolas Sansu and other MPs from the centre-left Democratic and Republican Left Group (GDR). According to the amendment, the scope of taxation covers electronic currency tokens as defined by the European Union's Cryptographic Asset Markets Regulation (MiCA). Lawmakers pointed out in the document that currently cryptocurrencies are subject to tax when they are converted into legal tender, and this amendment aims to eliminate the tax-free gap in the exchange of stablecoins.
The GDR group issued a statement on Thursday saying: "At the committee meeting yesterday, our amendment on cryptocurrencies was passed." The statement estimated revenue from the measure to be 1.5 billion euros (US$1.68 billion), but did not specify a specific year.
Supports loss carry-forward and departure tax extension
In addition to stablecoin-related measures, the committee also approved two other cryptocurrency tax adjustments:
- Loss carry-forward: An amendment proposed by Daniel Labaronne of the centrist Alliance of Republics group would allow cryptocurrency losses to be carried forward for 10 years, consistent with the tax treatment of securities-based assets.
- Departure Tax: On Thursday, the committee also supported another proposal by the GDR group to extend France's departure tax to unrealized cryptocurrency gains. This tax system will apply when long-term residents move their tax residence abroad and their family holds cryptocurrency worth more than 800,000 euros (approximately US$896,000). This threshold is the same as the departure tax threshold for securities assets.
Changes in tax calculation methods and subsequent legislative procedures
The stablecoin amendment proposed by Sansu will also change the calculation method of earnings, replacing the original "portfolio whole method" in France and using the weighted average purchase price of each asset sold for calculation.
It should be noted that these amendments have not yet become formal law. According to the French Constitution, the plenary session of the National Assembly will debate the text of the original budget bill submitted by the government, so the committee's revisions must be approved again in the plenary session before the bill will be submitted to the Senate for review.
Elsewhere in Europe
Elsewhere in Europe, Greece this week proposed a 10% capital gains tax on cryptocurrencies. Meanwhile, the EU securities regulator said on Thursday that cryptocurrency companies should stop serving non-MiCA-compliant stablecoins.
