France Eyes Crypto Taxes Before Cashing Out

French lawmakers are considering whether certain crypto gains should become taxable before an investor converts assets into euros. Their discussion centres on two decisions: moving into regulated digital cash and moving tax residence abroad with a large portfolio.

Key Takeaways

• Swaps into some regulated fiat-linked tokens could become taxable from 2027.
• Large crypto portfolios could enter France’s exit-tax system when a holder leaves.
• Another measure would give crypto losses a 10-year carry-forward period.
• None of the proposals has changed the current rules.

Two decisions are at the centre of the debate

The Finance Committee reviewed several crypto-tax amendments during its work on France’s 2027 budget. Together, they ask when a gain becomes sufficiently real to tax—even when the investor has not sent euros to a bank account.

Proposed trigger one

Crypto → regulated e-money token

A gain could be calculated when a holder swaps into an eligible fiat-linked token.

Proposed trigger two

France → another tax residence

Large unrealised gains could be assessed when a taxpayer leaves the country.

Those are different events. One concerns a transaction inside a portfolio; the other concerns the point at which France may lose the right to tax a future sale.