France plans to levy a 31.4% capital gains tax on MiCA stablecoins, as Chainalysis warns it could trigger capital outflows.

On October 14 that, according to CoinDesk, the French National Assembly is reviewing the 2027 budget bill, which includes a proposed amendment to subject stablecoins (e-money tokens) regulated under the EU's MiCA framework to a 31.4% capital gains tax, effective January 1, 2027. Currently, France only taxes cryptocurrency when it is converted into fiat currency or spent; swaps between crypto assets do not trigger tax liabilities.

Francois Volpoet, CEO of Chainalysis France, warned that such measures could drive traders to shift to DeFi platforms or self-custody wallets, which are difficult for regulators to monitor, potentially eroding the tax base. Additionally, the parliamentary finance committee has passed two supplementary proposals: one mandates the declaration of self-custody wallets holding more than €100,000, imposing fines of up to approximately $11,600 for non-compliance; the other extends the exit tax to cryptocurrency holdings valued at over roughly $900,000. These measures have not yet been formally enacted into law, and the Assembly will vote on the revenue provisions on October 20.