France backs reporting for self-custodied crypto worth 100K euros or more
The amendment would require taxpayers to report holdings worth at least $112,000, but the measure still needs to survive the budget process.
The French National Assembly has approved an amendment requiring taxpayers to report self-custodied cryptocurrency holdings valued at least 100,000 euros ($112,000) to tax authorities. The amendment, known as I-2701, passed with a vote of 150-44, eight abstentions included. The threshold would be determined by December 31 of the relevant tax year.
In a separate vote, the Assembly rejected an amendment that would have exempted gains from crypto payments for goods and services under 1,000 euros ($1,120) during the tax year, with the proposal falling 69-14. The reporting requirement is part of the 2027 Finance Bill, which must be retained in the final legislation to become law.
The National Assembly has until November 17 to complete its first reading of the bill. Senate debate is set to begin on November 20. The postponement of the vote on the budget's revenue section for the second time could result in the entire bill's rejection, including the adopted amendments, according to Faustine Fleuret, global head of public affairs at lending protocol Morpho.
The Assembly also rejected proposals for applying exit taxes to unrealized crypto gains when taxpayers moved their tax residence abroad and approved an amendment on October 16 to tax gains from converting crypto into stablecoins, which still needs final approval.
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