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 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 was adopted on Tuesday in a 150–44 vote, with eight abstentions, according to the Assembly’s official voting record. The threshold would be assessed on Dec. 31 of the relevant tax year.

Separately, the Assembly rejected an amendment that would have exempted gains on crypto payments for goods and services from tax if the payments totaled no more than 1,000 euros ($1,120) during the tax year. The proposal was defeated 69–14, according to the Assembly’s transcript.

The reporting requirement forms 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 of the bill. Senate debate is scheduled to begin Nov. 20, according to its schedule.

Crypto measures await final budget approval

The National Assembly postponed Tuesday’s scheduled vote on the budget’s revenue section for the second time as lawmakers continued debating amendments. The vote was originally scheduled for Oct. 20.

The vote’s postponement itself does not introduce a significant change, but the “likely rejection” of the budget’s revenue section could “result in the rejection of the entire bill in the National Assembly, including provisions adopted by way of amendments,” Faustine Fleuret, global head of public affairs at lending protocol Morpho, told Cointelegraph.

On Friday, the Assembly rejected two proposals that would have applied exit taxes to unrealized crypto gains when taxpayers transferred their tax residence abroad.

Lawmakers also approved an amendment on Oct. 16 that would tax gains from converting crypto into stablecoins. The proposal covers stablecoins classified as electronic money tokens under EU rules and would still need to be retained in the final law.

Related: French Senate adopts bill for automatic sharing of crypto tax data

Subscribe to daily byte-sized crypto news from Cointelegraph

More on the subject

Democrats claim control of the US Senate