France advances stablecoin tax, eyes self-custodial wallets and exit tax proposals
France’s National Assembly adopted a crypto tax amendment targeting certain stablecoin swaps, while separate proposals on exit taxes and self-custodial wallet reporting remain under consideration.
France's National Assembly has taken a step forward in the realm of cryptocurrency taxation by passing Amendment I-3898, which imposes taxes on certain crypto-to-stablecoin swaps starting in 2027. This measure, approved with 38 votes in favor, 37 against, and 25 abstentions, aims to tax gains made from converting cryptocurrencies into stablecoins, even if the gains are not immediately converted into fiat currency.
The new amendment would use the acquisition cost of the sold crypto asset and the weighted average purchasing price to calculate the tax.
The Assembly is not resting on its laurels, as it continues to grapple with other crypto-related proposals. These include extending the exit tax regime to cover unrealized gains for taxpayers whose crypto portfolio exceeds €800,000 ($895,000) when they move abroad, and the introduction of a self-custodial wallet reporting requirement for wallets holding more than €100,000 ($112,000) in a given tax year.
However, these latter proposals are still under consideration and it remains uncertain whether they will be debated or voted on during the upcoming Finance Bill vote.
Written by urgent.news from Cointelegraph's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
