France budget rejection sidelines stablecoin tax, wallet reporting
Summary
France’s National Assembly rejected the 2027 budget’s revenue section by 458 votes to zero, with two abstentions. As a result, the government will send the Senate the original budget text, excluding three crypto amendments approved earlier: taxing gains from crypto-to-stablecoin conversions, requiring disclosure of self-custodied crypto holdings worth at least €100,000, and raising penalties for crypto platforms that fail to provide information to tax authorities. The proposals may be reintroduced in the Senate, which is scheduled to begin debating the finance bill on Nov. 20 and examine the revenue section on Nov. 23. They must pass the remaining legislative process to become law.
