France’s National Assembly rejected the revenue section of the 2027 state budget at first reading by a vote of 458–0, with two abstentions. The decision removed three crypto-related amendments from the text sent to the Senate. They proposed taxing gains from conversions of crypto into stablecoins, requiring disclosure of self-custodied holdings worth at least 100,000 euros as of December 31, and increasing penalties from 10,000 euros to 50,000 euros for crypto platforms that fail to provide information requested by tax authorities. The government will send the original budget text to the Senate without these provisions, although they could be reintroduced. The Senate is scheduled to begin debating the finance bill on November 20 and examine its revenue articles on November 23.
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