France's National Assembly Finance Committee rejected its own budget revenue section on Oct. 9 by 31 votes to 3, voiding amendments it had just adopted to tax crypto-to-stablecoin swaps and extend the exit tax to digital-asset households above €800,000.

The full Assembly will now debate the government's original text when the floor session opens Oct. 13, with a formal vote on Oct. 20. Committee amendments do not carry over automatically, meaning backers must refile their proposals to keep them alive.

What did the stablecoin amendment propose?

Filed by Nicolas Sansu of the left-wing GDR group and 16 co-signers, the amendment treats swaps into MiCA-regulated stablecoins as taxable sales from Jan. 1, 2027. The text targets electronic money tokens defined under the EU's Markets in Crypto-Assets Regulation — most stablecoins pegged to a single official currency, including USDC and EURC.

According to Sansu's group, the current deferral creates "a hole in the legislation," because swapping Bitcoin into a stablecoin triggers no tax in France, while selling that stablecoin for euros or spending it does.

The amendment names no rate and defers to France's flat tax, which rose to 31.4% on Jan. 1 after the 2026 social-security financing law lifted the social-charge portion from 17.2% to 18.6%. Gains would be measured against the holder's original acquisition cost.

The authors insisted they were not creating a new burden. Stablecoins, they noted, already function as payment instruments at crypto service providers and as a means of acquiring other tokens, making the swap deferral unjustified.

How would the exit-tax amendment work?

A second Sansu amendment would extend France's exit tax to crypto. The levy applies to unrealized gains when a taxpayer shifts tax residence abroad.

The trigger is a combined crypto value above €800,000 across a household, including assets held through custodians, in self-custody, or abroad. Taxpayers must have been French tax residents for at least six of the previous 10 years. Moves from Jan. 1, 2027 onward would be covered. The threshold matches the existing regime for shares, and the payment deferral rules are borrowed from the stock framework.

Crypto-to-crypto swaps with no cash leg would not count as sales for exit-tax purposes. Taxpayers would file a statement listing every asset held on the date of departure, including overseas and self-custodied positions.

What about the loss-carryforward amendment?

A third amendment from Daniel Labaronne won committee approval. It would let investors carry crypto losses forward for 10 years to offset future gains, mirroring the stock treatment. Unused crypto losses currently cannot be carried forward.

Why does the procedural path matter?

The committee's rejection of the revenue section is procedurally significant. Floor debates in France typically proceed from committee-approved text. Returning to the government's original bill means crypto-tax proponents start with a clean baseline.

Backers of all three amendments must refile on the floor. None of the measures is law, and both must clear the remainder of the legislative process — including any Senate reconsideration — before taking effect.

How does this fit the broader French crypto-tax debate?

The Assembly adopted a separate crypto-inclusive tax in late October 2025, voting 163-150 for an amendment creating a 1% annual levy on "unproductive" wealth above €2 million. The provision lumped digital assets in with gold and yachts. Attorney Burçak Ünsal told Decrypt at the time that taxing early token holders was potentially "economically unjust."

Market-structure pressures are also tightening on stablecoins themselves. Coinbase said in October 2024 it would delist stablecoins that fail to comply with MiCA for European customers by Dec. 30, 2024, steering users toward compliant coins including USDC and EURC.

If the stablecoin and exit-tax amendments return and survive the full process, both rules would apply from Jan. 1, 2027 — leaving issuers, exchanges, and high-net-worth taxpayers roughly 14 months to reassess structuring, reporting, and custody arrangements.