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ETH The Finance Committee of the French National Assembly approves a tax on digital asset transactions and expands the departure tax framework for cryptocurrency holders
The Finance Committee of the French National Assembly has approved a new proposal to tax digital asset transactions and expand the country's departure tax framework for cryptocurrency holders. The measures were passed this week as part of preparations for the 2027 fiscal bill.
Stable currency convertibility will start paying taxes in 2027
Amendment I-CF1826 proposed by French MP Nicolas Sansu stipulates that starting from January 1, 2027, the conversion of cryptocurrencies into stablecoins pegged to fiat currencies will be considered a taxable event. This marks a major change in the way France handles crypto taxation, as previously such exchanges were not subject to tax unless assets were exchanged for traditional fiat currencies.
Relevant explanations describe existing rules as legislative loopholes and emphasize the need to include the conversion of cryptocurrencies into stablecoins in the scope of capital gains tax collection and administration. Taxable income will be calculated based on the acquisition cost of the assets disposed of, and a weighted average method will be used for positions of the same token acquired at different prices.
Even if investors do not withdraw funds into fiat currency, tax authorities may impose capital gains tax on crypto investors who convert their digital assets into stablecoins pegged to traditional currencies. If the proposal is unanimously approved by the National Assembly, this means that investors may incur capital gains tax obligations when converting between cryptocurrencies and stablecoins even if they are not liquidated into euros or other traditional currencies.
Proposal to extend the loss carry-forward period and expand the application of departure taxes
The committee also approved amendment I-CCF798 written by Councilman Daniel Labaronne, allowing investors to carry forward realized losses on digital assets back for up to 10 years. The measure is designed to provide relief to investors who have experienced significant asset devaluations during the volatile crypto market cycle.
In addition, the passage of the departure tax amendment requires residents with household digital assets holding more than 800,000 euros (approximately US$895,000) to pay taxes on unrealized gains when moving out of France as official tax residents.
Noun explanation: Exit Tax
refers to a tax levied on unrealized gains by individuals or businesses when they transfer their tax resident status to another jurisdiction, designed to prevent tax avoidance.
Further debate and a full vote on the proposals are expected to begin on October 13 as part of a broader review of the fiscal bill.
France and Greece take different paths in crypto taxation
Elsewhere in Europe, the Greek Ministry of National Economy and Finance has released a draft proposing a 10% tax on personal crypto capital gains. It is worth noting that the tax only applies to annual gains exceeding 500 euros (approximately US$560), and in the Greek proposal, transactions between cryptocurrencies will remain tax-free.
As EU member states, France and Greece are bound by the latest tax reporting standards outlined in the Eighth Revision of the EU Administrative Cooperation Directive (DAC8). The framework requires crypto service providers to identify customers, record transactions, and report data to national authorities for exchange between EU member states.
In accordance with DAC8 regulations, the encryption reporting requirement came into effect on January 1, 2026. The first comprehensive exchange of information will cover the 2026 calendar year and needs to be completed by September 2027.
France and Greece are adjusting their tax code systems as the EU strengthens regulation through DAC8 and standardizes crypto tax reporting and information sharing among member states.
