France Budget Vote Shelves Proposed Stablecoin Tax and Wallet Reporting

France’s proposed tax on gains from crypto-to-stablecoin exchanges and a €100,000 self-custody reporting rule were left out of the budget text sent to the Senate after lawmakers rejected its revenue section.

The National Assembly voted 458-0 against the section, with two abstentions. The amendments had been adopted earlier, but were not included in the version submitted to the Senate.

The proposals included taxing gains when crypto assets are exchanged for stablecoins and requiring taxpayers to report self-custodied crypto holdings worth at least €100,000. The holdings would be valued on Dec. 31 of the relevant tax year. A separate measure would have raised the fine for crypto platforms that fail to provide information requested by tax authorities from €10,000 to €50,000.

The vote leaves the measures out of the current Senate text, but they may be proposed again there. They would need to pass later budget reviews to become law. Senate consideration of the finance bill begins Nov. 20, with debate on the revenue section scheduled for Nov. 23.