The French National Assembly has rejected the revenue section of the 2027 state budget, effectively sidelining several crypto-related amendments that were previously adopted. The rejection came late Wednesday in a vote of 458-0 at first reading, with two abstentions, according to the official voting record. As a result, the government will now send the Senate the original budget text, excluding the crypto-related amendments.
The rejected amendments included proposals to tax gains from crypto-to-stablecoin conversions and to require taxpayers to disclose self-custodied crypto holdings totaling at least 100,000 euros ($112,000) as of Dec. 31 of the tax year. Another amendment would have increased penalties for crypto platforms failing to provide information requested by tax authorities from 10,000 euros to 50,000 euros.
Faustine Fleuret, global head of public affairs at lending protocol Morpho, had warned before the vote that rejection of the revenue section could result in the rejection of the entire bill, including the adopted amendments. The Senate is scheduled to begin debating the finance bill on Nov. 20, with an examination of the revenue section’s articles set for Nov. 23.