French lawmakers push for an exit tax on crypto assets exceeding €800,000, with unreported wallets facing fines of up to €10,000.

According to Euronews, the Finance Committee of the French National Assembly voted last week to pass several cryptocurrency tax amendments. Under the proposal, residents holding over €800,000 in crypto assets who relocate overseas will be subject to an exit tax starting in 2027, covering tokens on foreign platforms and self-custody wallets, though the tax rate remains unspecified; tax payments may be deferred for moves within the EU, with exemptions applying after two to five years of asset holding. Additionally, self-custody wallets valued at over €100,000 at year-end must be declared, otherwise facing fines of up to €10,000; the conversion of crypto assets into stablecoins will also be subject to the current unified tax rate of 31.4%. Notably, as the committee rejected the budget revenue portion by a vote of 31 to 3, the aforementioned amendments must be resubmitted this Tuesday, will be voted on again on October 20, and will be forwarded to the Senate for review following a full package vote on November 17.