France’s National Assembly has approved an amendment requiring taxpayers to declare self-custodied crypto holdings worth at least €100,000 ($112,000) to tax authorities. The threshold would be calculated as of Dec. 31 of the relevant tax year.
Amendment I-2701 passed on Tuesday by 150 votes to 44, with eight abstentions, according to the Assembly’s official voting record. The proposal is part of the 2027 Finance Bill and must be retained in the final legislation to take effect.
The Assembly rejected a separate proposal to exempt gains from crypto payments for goods and services, provided those payments totaled no more than €1,000 ($1,120) during the tax year. That amendment was defeated 69–14, according to the Assembly’s transcript.
Lawmakers have until Nov. 17 to complete the bill’s first reading. Debate in the Senate is scheduled to begin on Nov. 20. The Assembly has postponed its vote on the budget’s revenue section for a second time as debate over amendments continues. A rejection of that section could put the bill, including provisions already approved through amendments, at risk, according to Faustine Fleuret, global head of public affairs at Morpho.
Other crypto tax proposals have also been considered. On Friday, the Assembly rejected two measures that would have taxed unrealized crypto gains when taxpayers moved their tax residence abroad. It approved an amendment on Oct. 16 to tax gains from converting crypto into stablecoins classified as electronic money tokens under EU rules; that proposal also needs to remain in the final law.
Sources: Cointelegraph.