French National Assembly Backs €100,000 Reporting Rule for Self-Custodied Crypto

Assembly Approves Amendment I-2701

The French National Assembly approved a tax disclosure amendment on Tuesday that would require taxpayers to report self-custodied cryptocurrency holdings worth €100,000 (about $112,000) or more. Amendment I-2701 passed 150 to 44, with eight abstentions, and the Assembly has published both the text of the amendment and the official voting record on its own parliamentary site. The threshold is assessed on the value held on December 31 of the relevant tax year, so a balance that dips under the line at year-end falls outside the duty. Self-custody, the arrangement in which the holder controls the private keys directly rather than leaving coins with an exchange or custodian, is the specific target: there is no third party holding the assets, so no intermediary would otherwise declare them for the taxpayer. In practical terms the rule reaches holders whose year-end balances sit in the range usually associated with a crypto whale, far above typical retail accounts, and it forces a filing that no platform statement currently covers. The amendment does not itself create a new levy; it builds a declaration node that French tax authorities can audit. It forms part of the 2027 Finance Bill and is not yet law, meaning it must survive the remaining stages of the budget process to take effect. The Assembly has until November 17 to complete its first reading of the bill, and Senate debate is scheduled to begin November 20. Because the individual manages everything from the seed phrase to a ledger recovery key, the obligation would land entirely on the holder, with no custodian paperwork to lean on.

Small-Payment Exemption Falls 69-14

The same session produced a second signal about where French crypto tax policy is heading. Lawmakers rejected Amendment I-3664, which would have exempted from tax the gains on crypto payments for goods and services totaling no more than €1,000 (about $1,120) within a tax year; the proposal went down 69 to 14, according to the Assembly's session record. The Assembly also postponed, for the second time, the vote on the budget's revenue section that was originally scheduled for October 20. Faustine Fleuret, global head of public affairs at lending protocol Morpho, warned that a likely rejection of the revenue section could result in the rejection of the entire bill, including provisions adopted by way of amendments, which would sweep I-2701 away with it. The week's record shows a pattern of hard choices: on Friday the Assembly rejected two proposals that would have applied exit taxes to unrealized crypto gains when a taxpayer moved their tax residence abroad. An earlier amendment, approved on October 16, would tax gains from converting crypto into stablecoins, covering tokens classified as electronic money tokens under EU rules, and still awaits retention in the final law. Holders who simply sit on their coins rather than spend them, the cohort the community labels HODLers, would therefore face the declaration duty without any small-payment relief to offset it. The Senate, meanwhile, has already approved a bill for automatic sharing of crypto tax data between government agencies, so disclosure obligations are being built on two tracks at once.

A Reporting Rule, Not a Tax

The amendment's own text confirms what the vote count alone does not: I-2701 is a disclosure obligation binding French taxpayers whose self-custodied holdings clear €100,000 at the December 31 snapshot, not a levy on those holdings. The actual fiscal exposure for French holders comes from the October 16 stablecoin conversion amendment and, potentially, the shelved exit taxes. Two procedural checkpoints decide whether any of it becomes law: the Assembly's November 17 first-reading deadline and the Senate's November 20 opening. If the revenue section of the budget falls, the amendment route collapses with it and the question returns to the next cycle. France is also layering this local duty on top of the EU's DAC8 framework, which adopts the OECD's Crypto-Asset Reporting Framework for automatic exchange between member states. The contrast with the United States, where platform reporting flows to the IRS automatically, as our overview of Coinbase and the IRS explains, is that France is assigning the filing duty directly to the individual.