French lawmakers advanced two consequential cryptocurrency tax amendments and then removed their immediate legislative vehicle when the National Assembly Finance Committee rejected the budget’s entire revenue section.
One amendment would treat swaps into stablecoins regulated under the European Union’s Markets in Crypto-Assets framework as taxable disposals beginning January 1, 2027. Another proposed an exit tax for households holding more than 800,000 euros in cryptocurrency. A separate change would extend the carryforward period for crypto losses to 10 years.
The committee rejected the revenue section on October 9 by 31 votes to three. As Decrypt’s review of the proceedings explains, the plenary debate therefore begins from the government’s original text rather than the committee-amended version. The crypto provisions will not carry forward automatically.
Supporters can refile the amendments when floor debate begins October 13. A vote is expected October 20. Neither the stablecoin rule nor the exit tax is law, and their brief committee approval should not be presented as a completed change to French tax treatment.
The wider budget process is under market scrutiny. Euro-area officials have pressed France to pass a 2027 budget capable of calming investors, Reuters reported, increasing the political significance of revenue proposals even when individual amendments remain unsettled.
TOKEN RECON ASSESSMENT
The committee vote reset the procedural board without resolving the policy fight. The decisive evidence will be the language refiled for the plenary session and whether it survives the October 20 vote. Until then, claims that France has imposed a stablecoin disposal rule or crypto exit tax are premature.
Sources
Decrypt: French stablecoin and crypto exit-tax amendments lose their budget vehicle
Reuters: Euro-area ministers press France to pass its 2027 budget
