French lawmakers propose exit tax on crypto holdings and fines for undeclared wallets

In a recent session, the National Assembly’s finance committee approved an amendment to broaden France’s exit tax to include crypto-assets, applying the existing €800,000 threshold used for shares to digital holdings. The proposal also mandates the declaration of self-custody wallets valued at €100,000 or more, imposing fines of up to €10,000 for failure to report. Sponsored by Communist MP Nicolas Sansu and supported by centrist MP Charles de Courson, the changes target tax avoidance by affluent crypto investors, noting that only €400 million of an estimated €3.5 billion in 2021 gains were declared.

The committee also voted to allow crypto losses to offset gains for ten years and to raise fines for non-cooperation with tax authorities. These amendments must be re-tabulated and approved by the full Assembly before the budget deadline in December, amid broader fiscal challenges for the minority government.