France delays 2027 budget vote after lawmakers reject crypto exit-tax plans
What happened with France’s 2027 budget
The French National Assembly has delayed the vote on the revenue part of the 2027 state budget for the second time. Lawmakers will keep debating it on Tuesday instead of holding the planned vote.
According to the Assembly’s end-of-session notice, Tuesday’s schedule includes questions for the government and further debate on the revenue section. There are still 758 amendments waiting to be examined.
The vote was first delayed on Oct. 20, when more than 2,000 amendments were still waiting for debate, the newspaper Le Monde reported. The Assembly must finish its first reading by midnight on Nov. 17. If the revenue section is rejected, the government’s original budget plan would move to the Senate without the changes the lawmakers wanted.
The crypto exit-tax proposals were rejected
On Friday, lawmakers rejected two proposals that would have added a new tax for people who move their tax residence out of France.
The first proposal would have included crypto assets in France’s existing exit tax, which applies when people leave the country’s tax system. It received 27 votes in favor, 55 against, and one abstention.
A second proposal would have taxed unrealized gains on household crypto holdings above 800,000 euros ($897,000) when the owner moved their tax residence abroad, if they had lived in France for at least six of the past 10 years. It got 31 votes in favor and 60 against.
Unrealized gains are profits on investments that have not yet been sold, so no tax would be due until the asset is actually sold or moved.
Other crypto tax ideas still on the table
Not all crypto tax proposals were voted on. Two more are still awaiting debate:
- A report on self-custodied crypto holdings (crypto stored in a personal wallet rather than on an exchange) worth at least 100,000 euros ($112,000) at the end of the year.
- A tax exemption for crypto payments for goods and services up to 1,000 euros ($1,120) in a tax year.
Lawmakers also approved on Oct. 16 a proposal to tax gains when crypto is converted into a stablecoin, a digital coin linked to a fiat currency like the US dollar. That measure has not yet become law.
What is confirmed
- The National Assembly postponed the 2027 budget revenue vote for a second time, with 758 amendments still pending.
- Two crypto exit-tax proposals were rejected by the lawmakers, on 27-55 and 31-60 votes.
- The Assembly must complete its first reading by midnight on Nov. 17.
- Two additional crypto tax proposals and a stablecoin conversion tax are still being debated and have not been finalized.
Why this matters for crypto investors
The rejection means France will not immediately add taxes on unrealized crypto gains for people who move abroad. However, the tax on converting crypto to stablecoins is still pending, and the report on self-custodied wallets could still be introduced.
Sources
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