1The French National Assembly rejected the revenue section of the 2027 state budget by a vote of 458 to zero.
2This rejection removes recent crypto-related amendments from the version of the bill sent to the Senate.
3The dropped proposals include making crypto-to-stablecoin conversions taxable and requiring disclosure of self-custodied holdings over 100,000 euros.
4Proposed amendments also included higher penalties for crypto platforms failing to provide information to tax authorities.
5The proposals could potentially be reintroduced when the Senate begins debating the finance bill in November.
Key takeaway
France's rejection of its budget bill has temporarily halted plans to tax stablecoin conversions and require strict reporting on self-custodied crypto wallets, though these rules could return later in the legislative process.
Short-term impact (days–weeks)
● NEUTRAL
Market participants may monitor upcoming Senate debates for any reintroduction of the tax amendments.
Medium-term impact (1–3 months)
● NEUTRAL
The broader regulatory framework for French taxation of digital assets remains uncertain until the legislative process concludes.
Key risks
Proposed crypto taxes could be re-added during Senate debates.
Regulatory uncertainty for French crypto holders and platforms.
Potential future reporting requirements for self-custodied wallets.
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