French lawmakers have advanced three amendments that could materially reshape cryptocurrency taxation from 2027, including taxable conversions into certain stablecoins, a new crypto-focused exit tax and a 10-year carryforward for investment losses. The measures have been adopted by the National Assembly’s Finance Committee but have not yet become French law. They must survive further parliamentary consideration as lawmakers debate the 2027 budget.
The first amendment, I-CF1826, was adopted on October 7 and would change Article 150 VH bis of the French General Tax Code. Under current law, exchanges between qualifying crypto-assets without a cash adjustment generally do not trigger taxation at the time of the exchange. The amendment would remove that deferral when the asset received is an electronic money token, or EMT, as defined under the EU’s MiCA regulation.
Stablecoin Conversions Could Become Taxable Events
The proposal matters because MiCA defines EMTs as crypto-assets intended to maintain a stable value by referencing a single official currency. If the amendment survives the legislative process, a conversion from Bitcoin, Ether or another covered crypto-asset into a qualifying fiat-referenced stablecoin could crystallize a taxable gain from January 1, 2027, instead of preserving the current crypto-to-crypto deferral.
The change would tie French tax treatment more closely to the regulatory distinction MiCA already makes between different categories of digital money. That distinction is becoming increasingly relevant as regulated European issuers expand products such as MiCA-compliant euro stablecoins on additional blockchain networks and European policymakers continue reassessing stablecoin, custody and DeFi rules beyond MiCA’s initial implementation. Regulatory classification would therefore begin carrying a more direct tax consequence for French individual investors.
A separate amendment, I-CF1822, adopted by the Finance Committee on October 8, would extend France’s exit-tax mechanism to crypto portfolios. It would apply to taxpayers who had been French tax residents for at least six of the previous 10 years and leave France while their household holds more than €800,000 in covered crypto-assets. The proposed tax would target unrealized appreciation measured when tax residence moves outside France.
The text includes assets held directly, through crypto service providers, through other intermediaries and in self-custodied wallets. It would also import existing exit-tax mechanisms involving payment deferral, relief and reporting obligations. The €800,000 threshold relates to the total value of the qualifying crypto portfolio, not to €800,000 of realized profit, and the provision would apply to departures occurring from January 1, 2027 if ultimately enacted.
Ten-Year Loss Carryforward Moves Forward
Not every committee amendment would increase the tax burden. Amendment I-CF798, adopted on October 7, would allow unused crypto capital losses to be carried forward for up to 10 years and offset qualifying future gains. Under the current Article 150 VH bis regime, crypto losses can only offset gains of the same nature realized during the same tax year.
That change would align loss treatment more closely with the longer carryforward available for some conventional securities. For investors exposed to crypto’s multi-year market cycles, the difference is substantial: a loss realized in one year would no longer automatically lose its tax value when December ends. The amendment changes the timing of taxable net gains rather than eliminating taxation on future profitable disposals.
One provision contained in the original draft material, however, has not advanced. France currently applies an exemption when total qualifying disposal proceeds during the year do not exceed €305. A separate amendment proposed creating a €1,000 annual exemption for crypto used to buy goods and services, but the Finance Committee rejected it on October 9. There is no adopted €500 annual crypto-gain exemption in the committee package.
The debate comes as European crypto businesses are already adapting to a tighter regulated perimeter. MiCA licensing has begun determining which platforms can continue servicing EU clients, with cases such as BaFin’s rejection of Futurum Bank’s MiCA application demonstrating that regulatory status increasingly affects operational access as well as product design. France’s proposed tax amendments add a domestic fiscal layer on top of that EU-wide regulatory structure.
None of the three committee-approved crypto amendments is final. The government’s PLF 2027 was filed on October 1, and the National Assembly is scheduled to debate the budget’s first part in public session from October 13 through October 19. The next legislative milestone is therefore plenary approval, not implementation on January 1. Only provisions that survive the Assembly, Senate and final budget process can become binding tax rules for 2027.
