France’s parliamentary finance committee adopted a tax on exchanges of cryptocurrencies against stablecoins on 7 October 2026, as part of ten crypto amendments included in the 2027 budget.
Tax deferral removal and new rules
The amendment, proposed by Nicolas Sansu and sixteen deputies from his group, removes the tax deferral on exchanges for stablecoins starting 1 January 2027. It also rewrites the acquisition-price calculation rules for these transactions.
An op-ed published on 18 May 2026 in Le Monde, signed by Jean Meyer, Pierre Morizot, and Damien Patureaux, had called for imposing capital gains taxes when converting cryptocurrencies into stablecoins and for making the return to euros neutral in taxation terms. The op-ed also advocated calculating taxes asset by asset rather than on the entire crypto portfolio.
Comparisons and criticisms
The tax rate cited is 31.4 percent, with examples illustrating potential taxes due reaching 21,980 euros on transactions involving gains of 70,000 euros. The op-ed and amendments compared France’s approach to the United Kingdom and Italy, where tax rates for conversions are 18 to 24 percent and 33 percent respectively, with a UK annual allowance of 3,000 pounds.
The Court of Auditors judged the French crypto tax regime unsuitable for payment use in December 2023. Meanwhile, the Association pour le développement des actifs numériques expressed opposition to the stablecoin exchange tax, fearing it could incentivize preference for stablecoins in dollars over those regulated under the euro.
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Source: France's parliamentary finance committee
