France's lawmakers back a tax on swapping crypto into stablecoins, then sink the budget it was riding on

France came close to making a common crypto move taxable. On Friday the National Assembly's finance committee adopted an amendment that, from January 1, 2027, would count swapping crypto into a MiCA-regulated stablecoin pegged to a single currency as a sale, Decrypt reported. The gain would be measured against what the holder originally paid and taxed at France's flat rate, now 31.4%.

The committee also backed extending the exit tax to crypto. Households holding more than €800,000 in crypto, including coins on exchanges and in self-custody, would be taxed on gains when they leave France, if they had been French tax residents for at least six of the previous ten years. A separate amendment would let crypto losses be carried forward for 10 years, as they can for stocks.

Then the committee rejected the revenue section of the 2027 budget by 31 votes to 3. That means the floor debate, which starts October 13, begins from the government's original text, without any of these changes. Supporters would have to bring them back on the floor.

What to watch: whether the amendments are reintroduced in the floor debate, and the vote set for October 20.