French MPs push exit tax on crypto above €800,000 and fines for undeclared wallets
French MPs want wealthy crypto investors who leave the country to pay tax on their paper gains, under an amendment backed in committee last week alongside fines of up to €10,000 for undeclared self-custody wallets, though every measure must be voted on again.
A French parliamentary committee has proposed levying a tax on digital assets, such as Bitcoin, for individuals with significant holdings, as of January 1, 2027. The National Assembly's finance committee, a cross-party panel, voted to extend France's existing exit tax to crypto assets, mirroring the threshold applied to departing shareholders' funds.
The amendment would apply a €800,000 limit to a household's crypto holdings, deferred payments for moves within the EU and to some other countries, and tax cancellation after holding assets for two to five years. However, the amendment does not specify the tax rate and leaves social charges unclear. Sponsored by Communist MP Nicolas Sansu and 16 left-wing colleagues, the proposal argues that crypto assets currently evade a levy similar to that imposed on securities, enabling tax avoidance.
The committee also voted to require taxpayers to declare self-custody wallets with €100,000 or more in combined value by year-end, facing fines of up to €10,000. Additionally, swapping crypto for stablecoins would be taxable from 2027 under the existing 31.4% flat tax on crypto gains. The government's budget bill, covering taxes, was voted down by the committee, requiring re-tabled amendments.
MPs will debate the revenue part again on October 20 and the entire bill on November 17, with the Senate set to review the matter.
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