France's crypto tax and wallet declaration proposal temporarily shelved as National Assembly rejects 2027 budget revenue section

BlockBeats news, November 5 — The French National Assembly rejected the revenue section of the 2027 national budget by a vote of 458 against, 0 in favor, and 2 abstentions, causing three previously passed cryptocurrency-related amendments to temporarily lapse. The government will submit the original budget text without these amendments to the Senate.

The three amendments respectively concern: including gains from converting cryptocurrency to stablecoins within the scope of taxation; requiring taxpayers to declare self-custodied crypto assets worth at least €100,000; and raising the fine for cryptocurrency platforms that fail to provide information requested by tax authorities from €10,000 to €50,000.

The above proposals still have a chance to be reintroduced during the Senate review stage, but would need to pass subsequent budget legislation procedures to take effect. The French Senate plans to begin reviewing the budget on November 20 and discuss the specific provisions of the revenue section on November 23.