- France’s National Assembly Finance Committee rejected the revenue section of the 2027 budget bill, dealing a blow to plans to tax stablecoin swap transactions.
- An amendment that would treat exchanges of digital assets into electronic money tokens (EMTs) as sales and tax resulting gains, along with a plan to expand the exit tax for wealthy digital-asset holders, will also not be automatically included.
- To revive the tax measures, lawmakers must resubmit the amendments during floor deliberations, and France’s National Assembly is set to begin reviewing the budget revenue section on Oct. 13 before holding a vote on Oct. 20.
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France’s plan to tax stablecoin swap transactions and impose taxes on wealthy digital-asset holders who move abroad has hit a setback after the budget bill’s revenue section was rejected.
Decrypt reported on Oct. 10 that the Finance Committee of France’s National Assembly voted down the revenue section of the 2027 budget bill on Oct. 9 by 31 votes to 3. As a result, amendments on digital-asset taxation are not expected to be included when the full Assembly begins deliberations on Oct. 13.
The committee had previously adopted an amendment to make transactions swapping digital assets into stablecoins taxable. Specifically, the proposal would treat exchanges of digital assets into electronic money tokens, or EMTs, as defined under the European Union’s Markets in Crypto-Assets regulation, or MiCA, as sales and tax any resulting gains.
The committee also approved a plan to expand France’s exit tax for wealthy digital-asset holders. Under the proposal, investors holding more than 800,000 euros in digital assets who had been French tax residents for at least six of the past 10 years would be taxed on unrealized gains if they relocate abroad.
However, because the budget bill’s entire revenue section was rejected, neither amendment will automatically proceed to the full Assembly. To revive the tax measures, lawmakers would have to resubmit the amendments during floor deliberations. France’s National Assembly is scheduled to begin reviewing the budget’s revenue section on Oct. 13 and hold a vote on Oct. 20.