France's National Assembly Finance Committee this week approved two amendments that would significantly tighten the country's taxation of cryptocurrency holders: one introducing an exit tax on wealthy investors who move their tax residence abroad, and another that would treat converting cryptocurrency into stablecoins as a taxable sale. Both measures aim to close what lawmakers describe as gaps in how France taxes digital assets, and both are slated to take effect on January 1, 2027 — though neither is law yet. The proposals were advanced as amendments to the government's budget legislation.

The committee's approval is only an intermediate step. On October 10, the committee rejected the budget's entire revenue section by a vote of 31 to 3. As a result, the approved amendments do not carry over automatically: the full Assembly will begin its work from the government's original budget text, which does not include the crypto measures. Lawmakers who support the provisions must reintroduce them when floor debate on the revenue section opens on October 13, with a vote scheduled for October 20.

The developments were highlighted by the crypto analysis account Coin Bureau on X:

🇫🇷JUST IN: France moves to hit crypto holders with an EXIT TAX if they leave with over €800,000. It would apply to French tax residents moving abroad with over €800,000 in crypto, including coins on exchanges. Lawmakers also want swapping crypto into stablecoins to count as a… pic.twitter.com/2Ur9HbJK72 — Coin Bureau (@coinbureau) October 10, 2026

What the Exit Tax Would Require

The exit tax amendment was filed by lawmaker Nicolas Sansu, along with 16 co-signers. It works through article 167 bis of the French tax code, the same provision that already governs substantial stock holdings.

Under the amendment, the tax would apply to people whose household crypto holdings are worth more than €800,000 at the time they move their tax residence outside France, provided they have been French tax residents for at least six of the past ten years. The €800,000 threshold matches the one already applied to shares, and payment deferral options would likewise mirror the stock rules.

Taxpayers covered by the measure would need to list all of their crypto holdings as of the date they leave the country. That declaration would include assets held abroad, including on exchanges, as well as those in self-custody wallets. Swaps between two cryptocurrencies that involve no cash would not count as a sale under this rule.

How the Stablecoin Tax Would Work

The second amendment targets stablecoins, which are tokens pegged to a currency such as the dollar or the euro and are commonly used by traders as a stand-in for cash when moving between positions. At present, swapping cryptocurrency into a stablecoin in France triggers no tax. Under the proposed rule, that conversion would be treated as a taxable sale beginning January 1, 2027, with any gain measured against the holder's original purchase price — meaning a tax obligation could arise even when the holder receives another token rather than euros or dollars.

The rule would apply to tokens defined under MiCA (Markets in Crypto-Assets), the European Union's crypto regulation. The amendment does not establish a new tax rate; instead, it would apply France's existing flat tax on crypto gains, which rose to 31.4% this year.

A third amendment, introduced by lawmaker Daniel Labaronne, also passed in committee. It would allow crypto investors to carry losses forward for ten years to offset future gains, bringing their treatment into line with that of stock investors today.

What Happens Next

None of the changes are law yet. The decisive phase begins on October 13, when floor debate on the budget's revenue section opens, followed by a vote scheduled for October 20. The outcome will determine whether both provisions advance through the rest of the budget process. If the amendments pass there and survive the remainder of the legislative process, both new rules — the exit tax and the stablecoin swap tax — would take effect on January 1, 2027.