French Lower House Rejects 2027 Budget Revenue Bill, Excluding Stablecoin Tax and Self-Custody Wallet Reporting Measures

France’s lower house has rejected the revenue portion of the government’s 2027 budget, excluding regulatory amendments on stablecoin taxation and mandatory reporting for self-custodied wallets from the bill to be sent to the Senate.

Cointelegraph reported on November 4 that the revenue section of the French government’s budget was voted down in its first reading in the National Assembly by 458 votes to 0, with two abstentions. The government will now forward the original bill to the Senate without the crypto-related amendments.

Three major crypto-related amendments were excluded. One amendment, adopted by the lower house last month, would have imposed a tax on gains made when cryptocurrencies are converted into stablecoins. Earlier in November, lawmakers also adopted a separate amendment requiring individuals to report crypto holdings in self-custodied wallets if the total exceeded 100,000 euros.

Another proposed amendment would have increased penalties on crypto platforms that refuse to provide materials requested by tax authorities. It would have raised the fine from 10,000 euros to 50,000 euros.

The amendments could be reintroduced during Senate deliberations. The French Senate is scheduled to begin reviewing the budget on November 20 and start article-by-article examination of the revenue section on November 23.