France Pushes Stablecoin Tax as Lawmakers Approve 10-Year Crypto Loss Offset

France’s lower house is moving to broaden the scope of crypto asset taxation.

On Oct. 8, the Finance Committee of the National Assembly reviewed crypto-related amendments as part of deliberations on the 2027 budget bill, which began on Oct. 7. Of the 10 amendments submitted, three have been adopted so far and one has been rejected.

Among the adopted measures is a provision to tax gains generated when crypto assets are converted into stablecoins pegged to fiat currencies. The tax would be imposed at the point of conversion into a stablecoin even if the assets are not cashed out into euros or dollars.

Lawmakers also adopted a proposal to introduce an exit tax on crypto assets. The measure would tax unrealized gains on crypto holdings when a taxpayer moves their tax residence from France to another country. It would apply to people who were tax residents in France for at least six of the past 10 years and whose total crypto holdings exceed 800,000 euros. The tax is distinct from any levy imposed when assets are withdrawn from an exchange or wallet.

The adopted amendments also broaden the scope of loss deductions for investors. Under the proposal, crypto trading losses that cannot be deducted in the relevant year could be offset against gains from the same type of asset over the following 10 years. The change would supplement the current system, which only nets gains and losses within the same year, and is intended to reduce the tax burden for investors who post losses and recover profits in later years.

A separate proposal to include crypto assets in the tax base for France’s personal net wealth tax was rejected. Deliberations are continuing on other measures, including tougher reporting requirements for self-custodied wallets and stronger sanctions on platforms.