France’s National Assembly rejected the revenue section of the 2027 budget on Nov. 4, shelving proposed taxes on gains from crypto-to-stablecoin swaps and reporting requirements for self-custodied crypto holdings of at least €100,000.
The official vote record shows 458 votes against, none in favor and two abstentions. The Assembly’s formal decision says rejection of the first part means the entire bill is considered rejected at first reading. Individually adopted amendments therefore did not become an approved Assembly budget.
For crypto holders, that leaves the proposed new tax trigger and wallet disclosure obligation unenacted. The measures could still return through amendments during the Senate’s examination; the vote does not permanently bar them from the budget process.
The stablecoin measure, Article 4 octies in the Assembly’s provisional text, would have ended tax deferral for swaps into electronic-money tokens under the European Union’s crypto rules. Its proposed start date was Jan. 1, 2027, meaning an investor could have triggered tax on a gain without converting the proceeds into cash.
Amendment I-3898, sponsored by Nicolas Sansu, also proposed changing how acquisition costs and gains are calculated. The Defiant previously reported that the stablecoin provision remained pending after delays to the revenue-section vote.
The separate self-custody amendment would have required declarations of directly held crypto wallets not kept with a crypto service provider when the total value of the assets held reached €100,000, assessed on Dec. 31 of the reporting year. Deputies had approved it on Nov. 3, with 150 votes in favor and 44 against.
A third adopted amendment would have increased a proposed penalty for refusing tax-authority information requests from €10,000 to €50,000 per request. Its scope included financial institutions, crypto service providers and platform operators.
Senate Amendments Offer a Route Back
The Assembly’s budget calendar had set Nov. 17 at midnight Paris time as the end of its 40-day first-reading period. But the chamber has now reached a rejection decision before that deadline.
Article 40 of France’s organic budget law provides a different route if the Assembly fails to vote on the entire bill within its allotted time: the government sends its original proposal to the Senate, potentially including Assembly amendments it accepts, and the Senate then has 15 days to decide. The law otherwise gives the Senate 20 days after referral for its first reading.
The crypto proposals can be put forward again as amendments in the Senate rather than relying on their earlier Assembly approval. The Senate’s published calendar schedules the general budget debate for Nov. 20 and examination of the revenue-section articles from Nov. 23.