French lawmakers promote an exit tax on cryptocurrency assets exceeding 800,000 euros: maximum fine of 10,000 euros for undeclared wallets

According to Euronews, the Finance Committee of the French National Assembly voted last week to pass several amendments related to cryptocurrency taxation. According to the proposal, residents holding over 800,000 euros in cryptocurrency assets who move abroad will be subject to an exit tax starting in 2027, covering foreign platform tokens and self-custody wallets, with the tax rate yet to be specified; those migrating within the EU can apply for a tax deferral, and assets held for 2 to 5 years may be exempt from tax.

In addition, self-custody wallets valued at over 100,000 euros at the end of the year must be declared, or they face a fine of up to 10,000 euros; the exchange of cryptocurrency for stablecoins will also fall under the current unified tax rate of 31.4%. Notably, since the committee rejected the budget revenue portion with a vote of 31 to 3, the aforementioned amendments must be resubmitted this Tuesday and will be voted on again on October 20, with a full case vote scheduled for November 17 before being handed over to the Senate for review.