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BTC French lawmakers intend to extend the cryptocurrency tax to include transactions involving stablecoin conversions. Chainalysis warns that such measures may drive traders away from regulated markets.
The key points of the committee’s proposal are as follows:
- The amendment suggests imposing a tax on transactions where cryptocurrencies are converted into stablecoins within France, starting from January 1, 2027.
- Chainalysis notes that this change in policy could lead to funds flowing into unregulated token markets.
- Currently, these cryptocurrency-related measures are not yet official laws. Supporters need to resubmit the proposal for voting by the entire parliament.
New tax regulations for stablecoins in France
On October 7, during the budget discussions for 2027, the Finance Committee of the French National Assembly approved an amendment. This amendment stipulates that converting cryptocurrencies such as Bitcoin into stablecoins, which are classified as “electronic currency tokens,” will be considered taxable sales.
In France, typically, converting one cryptocurrency into another does not trigger any tax obligations. The country only imposes a uniform tax rate of 31.4% when investors withdraw profits or use their gains. This proposal was introduced by Nicolas Sansu, a member of the left-wing GDR group, along with 16 other signatories. Additionally, the committee supports imposing a tax on holdings of cryptocurrencies worth over 800,000 euros, and allows losses from cryptocurrency investments to be carried forward for up to 10 years.
Two days later, the same committee rejected all the revenue-related provisions of the budget by a vote of 31 to 3. This forced the entire parliament to revert to the original text of the government’s proposal. Supporters must submit these amendments related to cryptocurrencies again before the voting on October 20th.
Chainalysis issued a warning regarding offshore operations
. François Volpoet, CEO of Chainalysis France, stated that this plan could undermine efforts to incorporate more cryptocurrency activities into the regulated financial system. In his email, he questioned whether officials wanted to encourage taxpayers to report more assets, or if they wanted to increase tax rates by reducing the tax base due to tax evasion. He pointed out that regulated stablecoins are easier to track compared to decentralized finance (DeFi) or self-hosted wallets.
Volpoet also questioned another amendment that required taxpayers to report self-hosted cryptocurrencies worth at least 100,000 euros. Violators would face a maximum fine of 10,000 euros. He mentioned security concerns: according to CertiK, a security company, in the first half of 2026, France accounted for 33 out of 52 physical attacks against cryptocurrency holders worldwide.
There is a trend of stricter crypto taxation in France
This move marks the pinnacle of France's ongoing efforts to tighten regulations surrounding cryptocurrencies over the past year. Since January 1st, the uniform tax rate on cryptocurrency gains has been raised from 30% to 31.4%. Supporters of the wallet disclosure rule cited survey data showing that in 2021, there were $3.5 billion in cryptocurrency capital gains, while taxpayers reported only $400 million in such gains. Previously, lawmakers rejected a wallet disclosure scheme with a threshold of €5,000 in April.
