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

According to CoinDesk, the French National Assembly is deliberating on the 2027 budget, which features an amendment proposing to subject stablecoins regulated under the EU’s MiCA framework (e-money tokens) to capital gains tax at a rate of 31.4%, effective January 1, 2027. Currently, France only levies taxes when cryptocurrencies are exchanged for fiat currency or used for purchases, whereas swapping between crypto assets does not trigger tax obligations. François Volpoet, CEO of Chainalysis France, cautioned that this policy could incentivize traders to migrate to regulatory blind spots like DeFi platforms or self-custody wallets, ultimately eroding the tax base. Furthermore, the parliamentary finance committee has adopted two additional proposals: one requiring the disclosure of self-custody wallets holding more than €100,000, with fines capped at approximately $11,600 for violations; and another extending the outbound transfer tax to crypto holdings exceeding roughly $900,000. These measures remain unenacted, with parliament scheduled to vote on the revenue articles on October 20.