France proposes 31.4% tax on crypto-to-regulated-stablecoin conversions from 2027
French lawmakers proposed extending the 31.4% capital gains tax to crypto-to-MiCA-stablecoin swaps starting January 2027, though the measure remains subject to parliamentary approval.
Why it matters
If enacted, the rule would remove tax deferral for conversions into MiCA-compliant stablecoins, potentially redirecting volume to unregulated alternatives and complicating EU efforts to bring crypto activity into supervised channels.
Where the sources disagree
Finance committee action on budget revenue measures
adopted the amendment on October 7
CoinDesk, Crypto News (CryptoNews.net), TheNewsCrypto
rejected budget revenue measures; lawmakers will reconsider
CoinGape
CoinGape reports the finance committee rejected budget revenue measures and lawmakers will reconsider stablecoin tax provisions, while CoinDesk, Crypto News, and TheNewsCrypto report the committee adopted the amendment on October 7.
Key facts
France proposes applying its 31.4% capital gains tax to conversions of cryptocurrencies into EU-regulated stablecoins classified as electronic money tokens under MiCA.
31.4 %Reported by CoinDesk
The proposed effective date is January 1, 2027.
Reported by CoinDesk
The amendment was introduced by deputy Nicolas Sansu and 16 other deputies.
Reported by TheNewsCrypto
Chainalysis France CEO Francois Volpoet warned the tax could drive investors toward unregulated offshore stablecoins.
Reported by CoinDesk
Currently, crypto-to-crypto swaps generally do not trigger capital gains tax in France.
Reported by Crypto News (CryptoNews.net)
The proposal includes extending the exit tax to large crypto holdings and requiring disclosure of self-hosted wallets holding at least €100,000.
100,000 EURReported by CoinDesk
What happened
An amendment to France's 2027 budget would make converting cryptocurrencies into EU-regulated stablecoins a taxable event at the existing 31.4% flat rate. The National Assembly finance committee adopted the amendment on October 7, introduced by deputy Nicolas Sansu and 16 colleagues. Chainalysis France CEO Francois Volpoet warned the measure could push traders toward unregulated offshore stablecoins. The proposal also includes extending the exit tax to large crypto holdings and requiring disclosure of self-hosted wallets worth €100,000 or more. The amendment must still pass the full National Assembly by December 10 and has not become law.
How the story developed
- Update
Amendment introduced in National Assembly
Deputy Nicolas Sansu and 16 colleagues introduced amendment I-CF1826 during 2027 budget discussions.
- Official statement
Finance committee adopts amendment
National Assembly Finance Committee adopted the stablecoin tax amendment.
- First report
First report by CoinDesk
Proposed French tax on regulated stablecoins could drive crypto traders offshore
- Update
CoinDesk publishes original report
First public reporting on the proposed tax and Chainalysis warning.
- Independent corroboration
Independently corroborated by CoinGape
France Proposes 31.4% Tax on Crypto to Stablecoin Conversions Starting 2027
- Update
CoinGape publishes independent coverage
Additional reporting noting parliamentary opposition and need for further debate.
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 14 Oct 2026, 08:48 UTC: CoinDesk — 1 independent source, 1 reports
- 14 Oct 2026, 12:10 UTC: CoinGape — 2 independent sources, 3 reports
- 14 Oct 2026, 12:52 UTC: TheNewsCrypto — 3 independent sources, 4 reports
Affected entities
Also mentioned: Germany
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| CoinDesk Crypto media | Proposed French tax on regulated stablecoins could drive crypto traders offshore | Original | |
| CoinGape Crypto media | France Proposes 31.4% Tax on Crypto to Stablecoin Conversions Starting 2027 | Independent | |
| TheNewsCrypto Crypto media | France’s Proposed 31.4% Crypto Tax on Stablecoin Swaps Raises Concerns | Syndicated | |
| Crypto News (CryptoNews.net) Aggregator | Proposed French tax on regulated stablecoins could drive crypto traders offshore | Syndicated |
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