UPDATE: French assembly rejects 2027 budget revenue text in 458-0 vote
CIE News ·
Update to UPDATE: France rejects budget, dropping stablecoin tax and wallet reporting rules
Based on reporting by crypto.news; not yet independently confirmed.
France's National Assembly rejected the 2027 budget revenue section 458-0, dropping a proposed 31.4% stablecoin tax and a €100,000 self-custody reporting rule before Senate debates.
France's National Assembly rejected the revenue section of the proposed 2027 national budget by a vote of 458 to 0 with two abstentions, according to crypto.news. As previously reported when the budget rejection sidelined stablecoin tax and wallet reporting provisions, the vote removes three adopted crypto-asset amendments from the bill as it heads to the Senate.
The discarded proposals included a 31.4% flat tax on cryptocurrency-to-stablecoin swaps that had been slated to take effect on January 1, 2027. Lawmakers also dropped a rule that would have required French residents holding more than €100,000 in self-custodied crypto assets to file an annual disclosure with tax authorities, carrying non-compliance penalties of up to €10,000.
The legislation now reverts to the government's baseline draft. The French Senate is scheduled to debate the baseline budget text from November 20 to November 23, 2026, where the eliminated amendments could potentially be reintroduced.
Key facts
- 458-0 assembly vote
- 31.4% stablecoin tax dropped
- €100,000 wallet report removed
- Senate debate Nov 20-23, 2026
Read the original at crypto.news