France's National Assembly adopted an amendment that would require taxpayers to report self-custodied crypto holdings of at least 100,000 euros. The measure sits in the 2027 Finance Bill and must survive the budget process to become law.
The French National Assembly approved an amendment that would require taxpayers to report self-custodied crypto holdings totaling at least 100,000 euros ($112,000) to tax authorities.
Amendment I-2701 passed on Tuesday in a 150–44 vote, with eight abstentions. The threshold would be assessed on Dec. 31 of the relevant tax year.
A crypto payment tax exemption fails
Separately, the Assembly rejected 69–14 an amendment that would have exempted gains on crypto payments for goods and services from tax. The exemption would have applied if payments totaled no more than 1,000 euros ($1,120) during the tax year.
The reporting rule still faces the budget process
The reporting requirement is part of the 2027 Finance Bill and would need to be retained in the final legislation to become law. The Assembly faces a Nov. 17 deadline to complete its first reading, and Senate debate is scheduled to begin Nov. 20.
The Assembly postponed Tuesday's scheduled vote on the budget's revenue section for the second time, after an original date of Oct. 20. Faustine Fleuret, global head of public affairs at lending protocol Morpho, told Cointelegraph that the "likely rejection" of that section could result in the rejection of the entire bill, including provisions adopted by amendment.
On Friday, the Assembly rejected two proposals that would have applied exit taxes to unrealized crypto gains when taxpayers moved their tax residence abroad. On Oct. 16, lawmakers approved an amendment taxing gains from converting crypto into stablecoins, which would also need to be retained in the final law.
Source: Cointelegraph
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