12 October 2026
French National Assembly Committee Moves to Tax Stablecoin Conversions Starting 2027
The French National Assembly Finance Committee has advanced a significant proposal to impose capital gains tax on conversions from cryptocurrencies to stablecoins, set to take effect in January 2027. This move is seen as an effort to address what lawmakers describe as a tax loophole that has allowed investors to defer taxes on such transactions.
Introduced by MP Nicolas Sansu, the amendment seeks to ensure that all swaps from cryptocurrencies to stablecoins are taxed similarly to crypto-to-fiat transactions. Currently, only the latter incurs capital gains tax, leaving stablecoin conversions exempt.
Sansu emphasized that stablecoins have evolved into common investment tools, facilitating transactions and investments. He argued that failing to tax these conversions deprives the government of a valuable revenue source without imposing new burdens on investors.
However, the proposal has sparked criticism from local crypto leaders, who argue it limits tax flexibility for investors. Owen Simonin, CEO of Meria, expressed concern that this change would eliminate one of the last avenues for French crypto investors to manage their tax liabilities effectively.
As the proposal awaits a plenary vote on October 13, it joins other contentious amendments under scrutiny, including regulations on self-custody wallets. The outcome could significantly impact the French crypto landscape.
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