French Parliament Approves Cryptocurrency Disclosure Rules for Holdings Exceeding 100K Euros
An amendment mandating the disclosure of self-custodied cryptocurrency assets valued at a minimum of 100,000 euros has received approval from French legislators, though it has not yet been enacted into law.
An amendment mandating that taxpayers disclose self-custodied cryptocurrency holdings valued at a minimum of 100,000 euros ($112,000) to taxation authorities has received approval from the French National Assembly.
On Tuesday, Amendment I-2701 secured adoption through a 150–44 vote, accompanied by eight abstentions, based on the Assembly's official record of the proceedings. The specified threshold would be calculated as of Dec. 31 for each applicable tax year.
In a separate development, legislators in the Assembly voted down an amendment that sought to provide tax exemptions for gains derived from cryptocurrency payments used for purchasing goods and services, provided such payments did not exceed 1,000 euros ($1,120) throughout the tax year. The measure faced defeat with a 69–14 vote, as documented in the Assembly's transcript.
The disclosure mandate constitutes a component of the 2027 Finance Bill and would require inclusion in the finalized legislation to take effect as law. The Assembly is working against a Nov. 17 deadline to conclude its initial reading of the bill. Deliberations in the Senate are slated to commence Nov. 20, as indicated by its published schedule.
Crypto measures await final budget approval
For the second consecutive occasion, the National Assembly deferred Tuesday's planned vote on the budget's revenue portion as legislators pressed forward with amendment discussions. The voting session had initially been scheduled for Oct. 20.
While the deferral of the vote does not in itself constitute a major development, the "likely rejection" of the budget's revenue portion could potentially "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.
Last Friday, the Assembly voted against two separate proposals that would have imposed exit taxes on unrealized cryptocurrency gains in situations where taxpayers relocated their tax residence to another country.
Additionally, on Oct. 16, lawmakers gave their approval to an amendment that would impose taxation on gains generated from converting cryptocurrency into stablecoins. The measure applies to stablecoins that fall under the classification of electronic money tokens according to EU regulations and would require retention in the final legislation to become enforceable.