France Passes Three Cryptocurrency Amendments in 2027 Budget, Tax on Stablecoins on the Agenda

The French 2027 budget bill was submitted to the National Assembly on October 1, and the Finance Committee began voting on ten cryptocurrency amendments starting October 7. As of October 8, three amendments have been approved: the inclusion of stablecoin exchanges as taxable events (effective January 1, 2027), a departure tax applicable to crypto assets exceeding €800,000, and the ability to carry forward crypto losses for up to ten years. A proposal to extend the wealth tax to crypto assets was rejected, and a tax reduction amendment submitted by Paul Midy was deemed invalid for violating Article 40 of the Constitution. The EU DAC8 directive will require platforms to collect user identity and transaction data starting January 1, 2026, with the first report to tax authorities due by June 15, 2027, without the need for parliamentary voting. Additionally, there is a proposal to require reporting for self-custodied wallets valued over €100,000, with a maximum fine of €10,000 for non-compliance. The aforementioned amendments have not yet taken legal effect, and the full assembly will review them from October 13 to 19, with a final vote scheduled for November 17.

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