French committee backs proposed crypto tax measures

France’s National Assembly Finance Committee approved proposals to require disclosure of certain self-custodied cryptocurrency holdings and extend the country’s exit tax to qualifying crypto assets. The measures remain proposals and must be reintroduced and win further votes after the committee rejected the revenue section of the 2027 budget. One amendment would require taxpayers to report self-custodied crypto holdings worth at least €100,000, using their value on December 31. The requirement would cover assets held outside regulated crypto service providers, including personal wallets. Noncompliance could draw a fine of up to €10,000. The proposal does not require holders to transfer their assets to a custodian. A separate amendment would extend the exit tax to eligible residents moving abroad with qualifying crypto holdings above €800,000. It would apply to residents who meet the proposal’s existing residency criteria and is proposed to take effect on January 1, 2027, if enacted. The measure would cover unrealized gains, meaning gains on assets that have not been sold. The amendment does not specify the tax rate that would apply to crypto.