French lawmakers have advanced an amendment to the country’s tax laws that categorises crypto and other high-value assets as “unproductive wealth” and proposes a new tax targeting such holdings.
Centrist MP Jean-Paul Matteï introduced the amendment on October 22, and it was subsequently passed by the National Assembly, France’s lower house, after a narrow vote on Friday.
Although the updated taxation framework is yet to become law and must still pass through the Senate as part of the broader 2026 budget negotiations, industry participants are already concerned about the implications such a measure could have for crypto holders in France.
According to the summary of the amendment, the current wealth tax model was deemed economically inconsistent for excluding valuable but “unproductive” goods such as gold, art, classic cars, and yachts.
The proposed changes aim to expand the tax base to include such items, as well as private aircraft, non-productive real estate, and digital assets like cryptocurrencies.
Under the revised scheme, individuals with over €2 million in qualifying “unproductive” assets would face a flat 1% tax, a departure from the existing progressive structure that taxes real estate wealth on a sliding scale starting at €800,000.
Crypto figures in France have expressed disappointment with the framing of digital assets under the amendment. Éric Larchevêque, co-founder of Ledger, said the measure effectively “punishes all savers” who rely on Bitcoin and gold to secure their financial futures.
Larchevêque criticised the political message behind the amendment, stressing that it wrongly equates crypto with “an unproductive reserve” that has no utility for the real economy.
According to him, while the €2 million threshold may seem high now, there is concern it could be lowered over time, potentially bringing many more investors into the scope of the law, especially as he sees a high chance of the amendment coming into force.
“There is certainly still a legislative process for this to be included in the 2026 PLF, but the probability of it coming into effect on January 1 remains strong,” he said.
France recalibrates its crypto stance
Amidst this backdrop, French authorities have tightened their grip on compliance in recent months by launching on-site inspections of major crypto platforms operating in the country.
Binance, among others, has been subject to review by the French Prudential Supervision and Resolution Authority, or ACPR, which has reportedly asked the exchange to strengthen its risk and compliance controls.
French regulators are also pushing for centralisation of supervisory power at the European level as they consider establishing a Bitcoin reserve.
The Banque de France has called for the European Securities and Markets Authority (ESMA) to take on the role of primary supervisor for crypto markets across the bloc.
Speaking at a fintech forum last month, Banque de France Governor François Villeroy de Galhau argued that a centralised approach is essential to combat risks to the euro’s monetary sovereignty, particularly from non-European stablecoins.
He argued that the ESMA should take the lead on supervision to mitigate regulatory arbitrage.
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