France to Tax Stablecoin Swaps at 31.4% From 2027

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Why is France trying to impose a high 31.4% tax rate on stablecoin swaps?

How might this new tax amendment impact the French cryptocurrency industry?

What procedures remain before these new tax rules officially take effect?

France to Tax Stablecoin Swaps at 31.4% From 2027 — Image source: Unblock Media

France will tax crypto-to-stablecoin swaps at a flat 31.4% rate starting January 2027
Lawmakers are still reviewing exit tax and wallet reporting measures in committee

On October 18, 2026, Crypto.news reported that France’s National Assembly has advanced a tax amendment requiring conversions from cryptocurrencies to regulated stablecoins to trigger immediate taxation from January 1, 2027. Gains realized during such swaps will be subject to the current 31.4% flat tax. This measure departs from existing rules that usually allow taxpayers to defer capital gains tax when swapping between cryptocurrencies and instead targets investors exchanging digital assets for MiCA-regulated stablecoins, regardless of whether funds are later converted to fiat.

The amendment specifically targets regulated stablecoins as defined under the European Union’s Markets in Crypto-Assets (MiCA) framework, diverging from France’s current system where only crypto-to-fiat transfers typically result in taxation. The change aims to capture gains at the moment digital assets are exchanged for stablecoins, providing French tax authorities greater oversight and aligning with evolving EU regulatory standards.

Additionally, France’s National Assembly is reviewing proposals to apply the country’s exit tax regime to unrealized cryptocurrency gains exceeding €800,000 for taxpayers relocating abroad. This plan would extend tax obligations to those who change residency, capturing appreciation in digital assets not yet realized through a sale or conversion. Legislators are also considering enhanced reporting requirements for self-custodial wallets, intending to increase transparency for cryptocurrency holdings outside regulated exchanges.

Both the exit tax and wallet reporting proposals remain under committee review and require further parliamentary debate before possible enactment. The stablecoin swap tax amendment, however, has progressed and is scheduled for implementation at the start of 2027, according to Crypto.news.