The French National Assembly rejected the revenue section of the 2027 budget. The vote took place on November 4, with 458 deputies voting against. Along with the document, all three crypto amendments fell at first reading.
The revenue section is the part of the budget covering taxes and levies. The crypto amendments were inside it, so they went away along with the entire section. Among them was the obligation to declare wallets worth from €100,000.
Nothing changes for crypto holders in France. There are no new taxes or new reporting requirements for now. The previous rules remain in force at least until the end of November.
What exactly fell out of the text?
- Tax on exchanging digital assets for stablecoins. Currently such an exchange does not create a tax liability, unlike withdrawal into euros. Stablecoins are coins whose exchange rate is pegged to a single currency. Deputy Nicolas Sansu's amendment was adopted on October 16 by a one-vote margin - 38 against 37 with 25 abstentions; it was due to take effect on January 1, 2027.
- Declaration of non-custodial wallets. Reporting was required if the value as of December 31 reaches €100,000. A non-custodial wallet is one whose keys are held by the owner themselves, without an exchange intermediary. Deputies supported the amendment on November 3.
- Penalty for crypto platforms. For refusing to provide data at the tax authority's request, it was raised from €10,000 to €50,000.
Why did the amendments fail?
It's not about their content. The entire revenue section was rejected, and the amendments were part of it.
Morpho's head of government relations Fostine Fleurret warned about this before the vote.
What happens next?
The government will send the original version without amendments to the Senate. Budget discussions there start on November 20, with revenue articles on November 23.
Amendments can be reintroduced. But they will have to pass the remaining stages and make it into the final text.
- November 3 - deputies rejected two versions of an exit tax for those changing tax residency
- €800,000 - the portfolio threshold in one of these versions, which taxed unrealized gains
- End of November - until then, the rules for French crypto holders definitely remain unchanged
What does this mean for a trader?
Crypto tax plans haven't gone anywhere. The Senate reading dates are worth keeping alongside other events in the economic calendar.
The €100,000 threshold shows how much account size changes the cost of a mistake. How limits and payouts work - that's covered separately.
Have you calculated how much tax will be taken from your portfolio?
While parliament is deciding what amount to start counting from, the question comes down to that very amount. A 4% move in BTC is €40 on a thousand euros and €4,000 on a hundred thousand. The analysis and stop-loss are the same either way. In prop trading, the company provides the nominal: a paid check against loss limits, then its account goes to work and an agreed share of the profit goes to you. It's easier to understand the mechanics in a calm market than on a day of a strong move.