France’s Budget Committee Backs 31.4% Stablecoin Swap Tax, Crypto Exit Tax

What happened: France’s National Assembly Finance Committee adopted amendments to tax stablecoin swaps at a 31.4% flat rate and to impose an exit tax on unrealized crypto gains for wealthy individuals moving abroad (threshold: €800,000 in crypto holdings). However, the committee then voted 31–3 to reject the 2027 budget’s revenue section, meaning these amendments must be reintroduced during the full Assembly debate scheduled for October 13–20.

Why it matters: If enacted, the stablecoin swap tax would apply to exchanges into MiCA-regulated e-money tokens starting January 2027, making France one of the first EU countries to directly tax stablecoin swaps. The exit tax targets high-net-worth crypto holders, aligning crypto with traditional stock tax treatment. However, political fragmentation and the committee’s rejection of the budget’s revenue section mean the fate of these measures is highly uncertain.

Source: Decrypt