France's National Assembly Finance Committee backed amendments to tax swaps into stablecoins and to extend the exit tax to crypto. The committee then rejected the budget's revenue section, so the full Assembly starts from the government's original text without those amendments.
France's National Assembly Finance Committee voted this week to tax crypto holders who swap into stablecoins and to charge an exit tax on wealthy holders who move abroad. The votes may not matter much yet.
Committee rejects the revenue section
On Friday the committee rejected the budget's entire revenue section by 31 votes to 3. The full Assembly therefore starts from the government's original text, without the crypto amendments.
Backers would have to table the amendments again for the floor debate that begins Oct. 13. Neither measure is law, and both still have to get through the rest of the legislative process.
Swaps into stablecoins would count as sales
Nicolas Sansu of the left-wing GDR group and 16 co-signers filed the stablecoin amendment. Today, swapping Bitcoin for a stablecoin triggers no tax in France, because the state only collects when gains are sold for regular money or spent.
The text covers the electronic money tokens defined under MiCA. From Jan. 1, 2027, swapping into one would count as a sale, with the gain measured against what the holder originally paid.
The amendment names no rate and defers to France's flat tax, which rose to 31.4% on Jan. 1. The authors insist they are not creating a new burden, only applying existing law to a case it missed.
Exit tax would reach crypto above €800,000
A second Sansu amendment would extend France's exit tax to crypto. It would apply when a tax household's combined crypto is worth more than €800,000 and the taxpayer was a French tax resident for at least six of the previous 10 years.
Taxpayers would have to attach a statement of all crypto held on the date of the move, including assets held abroad or in self-custody. The authors argue that crypto held directly escapes the exit tax today while shares of the same value do not.
Daniel Labaronne's loss amendment also won committee approval. It would let investors carry crypto losses forward for 10 years to offset future gains. The Assembly holds a formal vote on the revenue section on Oct. 20.
Source: Decrypt
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