稳定币兑换：法国计划实施德国多年前的税收政策

France plans to fill a tax loophole that never existed in Germany

On Wednesday, October 7, 2026, the Finance Committee of the French National Assembly passed an amendment to the 2027 Budget Bill, stipulating that the future conversion of cryptocurrencies into stablecoins will be included in the scope of taxation. The amendment will take effect on January 1, 2027. The amendment was proposed by Nicolas Sansu, a member of the left-wing GDR group. On the same day, the committee also passed another amendment that benefits investors: investment losses in cryptocurrencies can be carried forward over the next ten years.

Currently, these changes have not been finalized. They need to be supported again by a majority vote in the plenary session of the National Assembly and subsequently reviewed by the Senate. Still, looking at Germany's regulatory perspective is of great value because it demonstrates how strict Germany is in its exchange rules and what consequences many investors may ignore.

France wants to change rules on stablecoin convertibility

France's current rule is that there is no tax generated when one cryptocurrency is exchanged for another. Only when investors convert assets into euros or purchase goods directly in cryptocurrency are the gains subject to the French flat-rate tax. This also includes the case of conversion into stablecoins. Sansu called this a legal loophole in his explanatory note: stablecoins have long been used as money, allowing consumption and purchase of other cryptocurrencies, but gains in the process are not subject to taxation. He pointed out that the UK and Italy have resolved this issue in different ways.

该修正案修改了法国税法第150条VH bis款。如果投资者收到符合欧洲加密法规（MiCA）定义的电子货币代币（即旨在追踪单一国家货币价值，如欧元或美元的稳定币），则不再适用兑换免税规定。在法国，比特币兑换以太币仍将保持免税状态。

在德国，兑换为稳定币已是应税事件

法国正在计划的事情，德国多年来一直是如此执行的。德国联邦财政部在2025年3月6日发布的《加密货币指南》中明确指出：将加密货币兑换为欧元、商品、服务或其他加密货币均被视为处置行为。因此，将比特币兑换为美元稳定币，在税务局的认定上与兑换为欧元完全相同。所得收益即为兑换瞬间所接收硬币的市场价值。

然而，只有当购买与兑换之间的时间间隔不超过一年时，收益才具有纳税义务。一旦个人年度私有处置收益达到1,000欧元的门槛，便适用投资者的个人所得税率。超过一年后，兑换则免税。而在法国新修正案下，由于法国法律没有持有期规定，即使持有超过十年，兑换也将被征税。

停在稳定币中的陷阱：持有期重新开始计算

An often-ignored sentence in the Treasury's guidelines: After each redemption, the term will start counting again. If you convert Bitcoin into a stablecoin for free after three years to lock in the gains, and then use the stablecoin to buy back Bitcoin, the newly held Bitcoin will be calculated for a one-year term starting from scratch. Sell within that year, even if the funds have been in the market for many years and face tax liability again.

stablecoins themselves rarely generate significant gains because their prices are anchored to the U.S. dollar or euro. However, for U.S. dollar stablecoins, exchange rate fluctuations may generate small euro-denominated gains or losses, which is also included. Frequent switching between currencies and stablecoins will become difficult to track without clear records. The free CryptoTicker tax calculator also covers exchanges between currencies, uses the first-in, first-out (FIFO) method, and displays whether each purchase is still within the holding period.

Comparison of Policies between France and Germany

Project France (Current) France (2027, amendment) Germany (Current) Exchange cryptocurrencies into stablecoins Tax exemption, tax only when realized Taxable Deemed disposal and taxable within the first year Exchange cryptocurrencies for other cryptocurrencies Duty free Duty Free Deemed disposal and taxable within the first year Holding Period None None One year, recalculated after each exchange Loss Handling Deduction for current year only Can be carried forward for ten years Deduct private disposal gains, and can also be used in subsequent years

The table reveals core differences: France taxes every gain but deferring the conversion; Germany taxes the conversion itself but releases the proceeds completely after a year. Currently, long-term holders are more dominant in Germany, where people who regularly reallocate assets face tax obligations more quickly.

Possible changes brought about by the October 14 German reform

Germany's cryptocurrency tax also faces an overhaul. According to the draft, the cryptocurrency gains that the Federal Treasury hopes to obtain from January 1, 2027 will be regarded as investment income and there is no longer a holding period requirement. Assets acquired before December 31, 2026 will remain tax-free after holding for one year. The cabinet is expected to adopt the draft on Wednesday, October 14. A Green Party bill to immediately cancel the holding period was rejected by the Bundestag on October 8.

This has noteworthy consequences for convertibility. According to the logic of the Ministry of Finance's guidelines, each redemption is also a new acquisition. Exchange coins held today into stablecoins and exchange them back after the New Year. After that, the coins you hold will be coins obtained in 2027. According to the draft, holding period limits will no longer be subject to these coins. Things may still change until the cabinet decides and the Bundestag votes. For procedural documentation on how to clearly document the redemption chain across multiple exchanges, see our comparison of cryptocurrency tax software.

(As of October 11, 2026. This article does not constitute investment advice. Price and fee structures are subject to change; please check terms with your provider before purchasing.)