French Finance Committee backs stablecoin swap tax in 2027 budget bill

The committee's move signals that France is treating stablecoin swaps as taxable events rather than neutral plumbing, which could raise friction for routine on-chain treasury and settlement activity. The accompanying exit tax on unrealized gains above the household threshold targets a different behavior: relocation as a tax-planning tool. Both provisions remain early in the legislative process, so the open question is whether they survive intact or are narrowed before the 2027 budget is finalized.