France backs reporting for self-custodied crypto holdings of 100,000 euros or more
Assembly approves reporting rule for large self-custodied holdings
France's National Assembly approved an amendment that would require taxpayers to report self-custodied crypto holdings of at least 100,000 euros, about $112,000. Self-custodied means the owner holds the crypto directly, rather than leaving it on an exchange platform.
The amendment, I-2701, passed on Tuesday by 150 votes to 44, with eight abstentions. The threshold would be checked on Dec. 31 of the relevant tax year.
Key numbers from the votes
- Reporting threshold: 100,000 euros ($112,000) or more in self-custodied holdings
- Vote on amendment I-2701: 150 in favour, 44 against, 8 abstentions
- Rejected exemption for small crypto payments: defeated 69 to 14
- Rejected exemption limit: gains on payments for goods and services of up to 1,000 euros ($1,120) in a tax year
What the Assembly record and transcript show
The Assembly's official voting record confirms the 150-44 result for amendment I-2701. Its transcript confirms the 69-14 defeat of the proposal to exempt gains on small crypto payments for goods and services.
Budget timeline and a warning about the wider bill
The reporting rule is part of the 2027 Finance Bill. It would need to remain in the final legislation to become law. The Assembly has a Nov. 17 deadline to finish its first reading of the bill. Senate debate is set to begin Nov. 20.
The Assembly also postponed Tuesday's scheduled vote on the budget's revenue section for a second time. That vote was first scheduled for Oct. 20. Faustine Fleuret, global head of public affairs at lending protocol Morpho, said the postponement itself does not make a significant change, but a likely rejection of the revenue section could lead to rejection of the whole bill in the Assembly, including provisions adopted through amendments.
Other crypto measures in the budget debate
On Friday, the Assembly rejected two proposals that would have applied exit taxes to unrealised crypto gains when taxpayers moved their tax residence abroad.
On Oct. 16, lawmakers approved an amendment to tax gains from converting crypto into stablecoins. A stablecoin is a token designed to keep a steady price. The proposal covers stablecoins classed as electronic money tokens under EU rules. Like the reporting rule, it would still need to stay in the final law.
What is confirmed and what is still unclear
Confirmed from the Assembly records: the reporting amendment passed, the small-payment exemption was rejected, and the other votes described above took place. Still unclear: whether these provisions will remain when the final 2027 Finance Bill is passed, as the budget process is not finished.
Sources
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