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FIGR_HELOC $1.03 Regulation · News brief
France assembly backs self-custody crypto reporting above €100,000
Lawmakers approved an amendment requiring taxpayers to declare large self-held crypto holdings, but the measure still faces the budget process.
Key takeaways
- Vote. The amendment passed 150, 44 with eight abstentions during the budget's first reading.
- Threshold. Holdings of €100,000 or more would be assessed at year-end, not at their peak during the year.
- Next steps. The provision must be retained through the rest of the budget process, with Senate debate scheduled to begin Nov. 20.
What happened
The French National Assembly has approved an amendment that would oblige taxpayers to declare self-custodied crypto assets once their combined value reaches €100,000 or more, according to Cointelegraph and Crypto.news. The measure, known as Amendment I-2701, was adopted during the chamber's first reading of the 2027 Finance Bill.
The vote was 150 in favor, 44 against and eight abstentions, the reports said. The threshold would be measured against the total value of qualifying holdings on Dec. 31 of the relevant tax year, rather than the highest balance reached at any point during the year.
The amendment was introduced by Charles de Courson, a member of the Liberties, Independents, Overseas and Territories group, along with six colleagues, according to Crypto.news. It would write the requirement into Article 1649 bis C of the French tax code, which already covers declarations for crypto accounts and wallets held through foreign organizations.
The proposal does not create an annual tax on the reported holdings. Crypto.news reported that the sponsors' explanatory statement describes a notification duty and a penalty mechanism of up to €10,000 for failing to declare. The text does not specify what information holders would submit or which pricing source would be used to establish a euro value.
