France's stablecoin tax proposal risks driving crypto activity offshore, warns Chainalysis
Summary
France’s 2027 budget proposals would tax swaps from crypto into certain MiCA-regulated stablecoins at the existing 31.4% capital gains rate from Jan. 1, 2027. Other committee-backed amendments would require disclosure of self-hosted wallets holding at least €100,000, extend exit tax to large crypto holdings, and let investors carry forward losses for 10 years. Chainalysis warned that taxing regulated stablecoin trades could push activity toward less observable alternatives, while wallet disclosures raise security concerns. The measures are not law: the finance committee rejected the budget’s revenue section, so the amendments must be resubmitted for debate and a scheduled Oct. 20 vote.
