Chainalysis: A Tax on Regulated Stablecoins in France Could Push Traders Offshore

• In France, lawmakers proposed taxing crypto-to-stablecoin swaps at a 31.4% rate for stablecoins regulated under EU law.
• Chainalysis warned that the new rules could push traders toward stablecoins and platforms outside the regulated system.

In France, lawmakers proposed extending a 31.4% tax to crypto-to-stablecoin swaps involving stablecoins regulated under European Union law. Francois Volpeau, head of France at analytics firm Chainalysis, warned that such a move could push traders toward offshore channels and assets outside EU regulation. He said this in a comment to CoinDesk.

The initiative is part of France’s draft 2027 budget. Debate on the document began in the National Assembly last week, and lawmakers plan to pass the budget by December 10.

Risk of Traders Moving Offshore

On October 7, the National Assembly’s finance committee backed an amendment that would tax crypto swaps, including bitcoin, into stablecoins classified as electronic money tokens under the EU’s MiCA regulation. The new rules could take effect on January 1, 2027.

Currently, swapping one cryptocurrency for another in France typically does not trigger capital gains tax liabilities. The 31.4% rate applies when investors convert crypto assets into fiat money or spend them. The proposed amendment would change this approach for certain EU-regulated stablecoins.

Volpeau believes this could run counter to the authorities’ goal of bringing more crypto activity into the regulated financial system. He said transactions involving regulated stablecoins are easier to trace than activity via decentralized finance (DeFi) platforms or non-custodial wallets.

“Do we want more taxpayers to declare their assets, or do we want a higher tax rate that will be applied to a base that is increasingly avoiding payment?” the Chainalysis representative said.

New Crypto Asset Reporting Rules in France

On October 9, the finance committee backed a separate amendment that would require French taxpayers to report non-custodial crypto wallets with balances of at least €100,000, or about $116,000. Penalties for noncompliance include fines of up to $11,600.

Volpe expressed concern about the security of such data amid a rise in physical attacks on cryptocurrency holders in France. According to the data cited in the report, as of July, 39 of the 52 attacks of this type worldwide were recorded in Europe. France accounted for 33 incidents — 63.5% of the total.

Lawmakers also backed a proposal to extend France’s exit tax to crypto assets worth around $900,000. It предусматриває taxation of unrealized gains under rules already applied to wealthy shareholders who move abroad.

Another amendment, backed on October 7, will allow crypto losses to be carried forward for up to 10 years, bringing the relevant tax regime closer to the rules for stocks.

As a reminder, in early 2026 France issued warnings to 90 crypto companies without a MiCA license.

Сообщение Chainalysis: A Tax on Regulated Stablecoins in France Could Push Traders Offshore появились сначала на INCRYPTED.