Protocols & Policy · Crypto tax
French lawmakers back rule making big crypto holders declare private wallets
France's National Assembly voted 150–44 to require taxpayers to declare crypto they hold outside an exchange when it is worth €100,000 or more. It is a first-reading budget amendment, not law.
French lawmakers back rule making big crypto holders declare private wallets
People in France who keep €100,000 or more in crypto outside an exchange would have to tell the tax authorities about those holdings under an amendment the National Assembly adopted on Nov. 3 [1][3]. The recorded roll-call vote, scrutin n° 9636, was 150 for, 44 against, with 8 abstentions [3].
The measure is amendment I-2701 to the projet de loi de finances pour 2027, the government's 2027 budget bill, adopted at first reading, the first of each chamber's rounds of debate, in the Assemblée nationale [1]. It is not law. The Sénat, France's upper house, opens its debate on the bill on Nov. 20 and holds a final vote on Dec. 9, according to its budget calendar dated Nov. 3; if the chambers' versions differ, a joint committee of both chambers tries to agree one text, and the calendar gives that step no date [5]. The amendment could still be changed or dropped before the budget is final.
The amendment, filed Oct. 10 by Charles de Courson and six other deputies, adds a paragraph to article 1649 bis C of the French tax code, an existing article that already requires certain taxpayers to declare some holdings [2]. The new paragraph says the people and entities that article already covers "sont également tenues de déclarer les portefeuilles de crypto-actifs qu'elles détiennent directement, lorsque ces portefeuilles ne sont pas conservés auprès d'un prestataire de services sur crypto-actifs et que la valeur totale des crypto-actifs qui y sont détenus, appréciée au 31 décembre de l'année au titre de laquelle la déclaration est souscrite, est supérieure ou égale à 100 000 euros" [2].
Le Coin's translation: they "are also required to declare the crypto-asset wallets they hold directly, when those wallets are not kept with a crypto-asset service provider and the total value of the crypto-assets held in them, assessed at December 31 of the year for which the declaration is filed, is greater than or equal to 100,000 euros." A crypto-asset service provider is a licensed business, such as an exchange, that holds crypto for customers.
The amendment also extends an existing penalty article, 1729 C ter, to cover the new duty [2]. Its explanatory note says this creates "un mécanisme de sanction pouvant aller jusqu'à 10 000 euros en cas de non déclaration" (Le Coin's translation: "a penalty mechanism of up to 10,000 euros for failure to declare") [2].
| Item | Per the Assemblée nationale record |
|---|---|
| Who | Persons and entities covered by tax code art. 1649 bis C |
| What | Crypto wallets held directly, not with a service provider |
| Threshold | Total value of crypto in them of €100,000 or more, assessed Dec. 31 |
| Penalty | Up to €10,000 for failure to declare (explanatory note) |
| For / Against / Abstain | 150 / 44 / 8 (scrutin n° 9636) |
Table: Le Coin. Sources: Assemblée nationale, amendment I-2701 and scrutin n° 9636.
The explanatory note cites a parliamentary inquiry: "alors que les plus-values réalisées représentent 3,5 milliards d'euros en 2021, seuls 400 millions d'euros de d'actifs détenus ont été déclarés à la DGFiP la même année" (Le Coin's translation: "while realized gains amounted to 3.5 billion euros in 2021, only 400 million euros of assets held were declared to the tax administration that year") [2].
| Date | Step |
|---|---|
| Oct. 1, 2026 | Government files the bill in the Assemblée nationale |
| Nov. 3, 2026 | Amendment I-2701 adopted, scrutin n° 9636 |
| Nov. 20, 2026, 3:30 a.m. ET | Sénat general debate opens |
| Through Dec. 8, 2026 (possibly Dec. 9) | Sénat examines the bill's articles |
| Dec. 9, 2026, 10:30 a.m. ET | Sénat roll-call vote on the whole bill |
| Not dated | Joint committee of both chambers, if needed |
Table: Le Coin. Sources: Assemblée nationale; Sénat legislative file and budget calendar dated Nov. 3.
The objection
The note's two figures measure different things: gains realized in a year, and holdings declared. The text also does not say what a declaration must contain, such as wallet addresses.
The tell (Le Coin's view)
In Le Coin's view, the line drawn is custody, not size alone. It reaches holdings that no licensed provider sees.
Sources
- Assemblée nationale, amendment n° I-2701, PLF 2027 (n° 3210). https://www.assemblee-nationale.fr/dyn/17/amendements/3210A/AN/2701 (accessed 10:25 a.m. ET, Nov. 4, 2026)
- Assemblée nationale, amendment n° I-2701 (PDF). https://www.assemblee-nationale.fr/dyn/17/amendements/3210A/AN/2701.pdf (accessed 10:25 a.m. ET, Nov. 4, 2026)
- Assemblée nationale, scrutin public n° 9636, Nov. 3, 2026. https://www.assemblee-nationale.fr/dyn/17/scrutins/9636 (accessed 10:25 a.m. ET, Nov. 4, 2026)
- Sénat, dossier législatif, projet de loi de finances pour 2027. https://www.senat.fr/dossier-legislatif/pjlf2027.html (accessed 10:26 a.m. ET, Nov. 4, 2026)
- Sénat, "Calendrier budgétaire 2027," dated Nov. 3, 2026 (PDF). https://www.senat.fr/ordre-du-jour/files/Calendrier_budgetaire_2027.pdf (accessed 10:25 a.m. ET, Nov. 4, 2026)
Holding the Corner.
Not financial advice.