France proposes exit tax on crypto holders moving abroad with €800K

France wants a word with its wealthiest crypto holders before they pack their bags.

The National Assembly’s Finance Committee has approved amendments to the 2027 budget bill. They would extend the country’s exit tax to households holding more than €800,000 in crypto who relocate abroad. A second change would treat crypto-to-stablecoin swaps as taxable sales. Both measures are slated to take effect on January 1, 2027, if they survive the legislative process.

That “if” matters. The budget’s revenue section was rejected on October 9, 2026. The amendments now have to be reintroduced on the Assembly floor.

What the amendments would do

Lawmakers adopted the measures in committee in early October 2026. The stated goal is to bring crypto taxation closer to how France already treats traditional financial assets. Sponsors also want to close what they view as loopholes in current law.

The exit tax piece is Amendment I-CF1822. It targets households whose combined crypto holdings top €800,000 when they move their tax residence out of France. The change works through article 167 bis of the French tax code, which governs exit taxation.

The proposal borrows heavily from the rulebook for stocks. It would apply the same €800,000 threshold and similar residency requirements already used for traditional securities. Departing taxpayers would also get access to payment deferral mechanisms modeled on the stock regime.

The second measure is Amendment I-CF1826, adopted on October 7–8, 2026. It would make swaps of crypto into regulated stablecoins taxable starting January 1, 2027. The change runs through article 150 VH bis, the provision covering capital gains on digital assets by individuals.

One carve-out stays in place. Crypto-to-crypto swaps without any cash component would not trigger the tax under article 150 VH bis rules.

A sweetener for losses

A related amendment would let investors carry forward realized crypto losses for up to 10 years. That would mirror how losses on stocks are handled.

The legislative road ahead

Committee approval is only the first gate. The rejection of the budget’s revenue section on October 9 means the amendments don’t automatically carry forward. They must be brought back during the floor debate, which was set to begin on October 13, 2026.

A vote is scheduled for October 20, 2026. Until then, everything here is a proposal, not law.

What this means for crypto holders

The most direct impact falls on high-net-worth individuals with substantial crypto portfolios. Previously, directly held cryptocurrency portfolios were not subject to France’s exit tax, creating a disparity between crypto and traditional financial assets. These amendments would narrow that gap considerably.

The stablecoin rule could prove more disruptive for active traders. If every move into a regulated stablecoin counts as a sale, those maneuvers start generating tax events. The rule targets swaps into regulated stablecoins, while crypto-to-crypto swaps without cash components stay outside the trigger.

The 10-year loss carryforward softens the blow. Investors who take losses in a downturn could bank them against future gains.