The French National Assembly has passed an amendment mandating that taxpayers disclose self-hosted crypto assets valued at 100,000 euros ($112,000) or more to tax officials.
As indicated by the Assembly’s official voting record, Amendment I-2701 passed on Tuesday with a 150 to 44 tally and eight abstentions. This limit will be evaluated on December 31 of the applicable tax year.
In a separate decision, the Assembly voted down a proposal that would have exempted profits on digital asset payments for products and services from taxation if annual transactions did not exceed 1,000 euros ($1,120). According to the Assembly’s transcript, this measure failed 69 to 14.
This disclosure mandate is integrated into the 2027 Finance Bill and must stay within the ultimate legislation to take effect. The Assembly has until a November 17 deadline to finish its initial reading of the legislation. Discussions in the Senate are set to commence on November 20, per its agenda.
Crypto measures await final budget approval
The National Assembly delayed the revenue section budget vote planned for Tuesday for a second instance while politicians kept debating various adjustments. The vote was initially planned for October 20.
Faustine Fleuret, global head of public affairs at lending protocol Morpho, told Cointelegraph that while the voting delay itself does not present a major alteration, the probable defeat of the revenue portion of the budget could cause the failure of the entire legislation, including measures accepted through amendments.
Late last week, the Assembly dismissed a pair of motions that would have levied exit taxes on unrealized digital asset gains when individuals moved their tax residency out of the country.
Additionally, on October 16, legislators passed an amendment to impose taxes on profits derived from exchanging crypto into stablecoins. This rule targets stablecoins categorized as electronic money tokens under European Union guidelines and likewise needs to remain in the final statute.
Related: French Senate adopts bill for automatic sharing of crypto tax data
Originally published at https://cointelegraph.com/news/france-approves-amendment-self-custodied-crypto-wallets-100k?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound.
