#FranceAdvancesCryptoSelfCustodyReportingProposal
France: wallets worth €100,000 or more to be declared, stablecoin swaps taxed. What has been voted on and what hasn't
The 2027 Finance Bill was presented to the National Assembly on October 1. This week, the Finance Committee adopted three crypto measures.
→ October 7: swapping crypto for a stablecoin would become a taxable sale starting January 1, 2027. Today, crypto-to-crypto swaps generally benefit from tax deferral
→ October 8: extension of the exit tax to unrealized crypto gains above €800,000 for taxpayers leaving France
→ October 9: Amendment I-CF821 would require self-hosted wallets worth €100,000 or more as of December 31 to be declared, with a fine of up to €10,000
What is not yet settled: these measures were adopted in committee, but the committee then rejected the entire revenue section of the budget by 31 votes to 3. These are not rules in force. Debate continues, and an indicative timetable points to October 20 for the revenue section.
What was rejected: all three amendments put forward by MP Paul Midy, including an exemption for crypto payments of up to €1,000 per year. The taxable threshold remains €305 in annual disposals.
Reactions: privacy advocates and industry players are concerned about a registry of people holding large amounts and the security risks it could pose.
My analysis: following the US withdrawal on October 5, the divergence between regulators is growing. Affected individuals in France will need to follow the bill until the vote. This is a hypothesis, not a prediction.
I am not a tax or legal adviser. Please consult a professional about your situation.
Declaring your wallets once they're worth €100,000 or more—is this primarily an anti-fraud measure or a registry of self-custody users?
#FranceAdvancesCryptoSelfCustodyReportingProposal
France: wallets worth €100,000 or more to be declared, stablecoin swaps taxed. What has been voted on and what hasn't
The 2027 Finance Bill was presented to the National Assembly on October 1. This week, the Finance Committee adopted three crypto measures.
→ October 7: swapping crypto for a stablecoin would become a taxable sale starting January 1, 2027. Today, crypto-to-crypto swaps generally benefit from tax deferral
→ October 8: extension of the exit tax to unrealized crypto gains above €800,000 for taxpayers leaving France
→ October 9: Amendment I-CF821 would require self-hosted wallets worth €100,000 or more as of December 31 to be declared, with a fine of up to €10,000
What is not yet settled: these measures were adopted in committee, but the committee then rejected the entire revenue section of the budget by 31 votes to 3. These are not rules in force. Debate continues, and an indicative timetable points to October 20 for the revenue section.
What was rejected: all three amendments put forward by MP Paul Midy, including an exemption for crypto payments of up to €1,000 per year. The taxable threshold remains €305 in annual disposals.
Reactions: privacy advocates and industry players are concerned about a registry of people holding large amounts and the security risks it could pose.
My analysis: following the US withdrawal on October 5, the divergence between regulators is growing. Affected individuals in France will need to follow the bill until the vote. This is a hypothesis, not a prediction.
I am not a tax or legal adviser. Please consult a professional about your situation.
Declaring your wallets once they're worth €100,000 or more—is this primarily an anti-fraud measure or a registry of self-custody users?
#FranceAdvancesCryptoSelfCustodyReportingProposal