France postpones 2027 budget vote as crypto exit-tax plans rejected

Key points

• The revenue section vote was pushed from 20 Oct to Tuesday, with 758 amendments still to be examined.
• MPs rejected an exit-tax proposal 27-55 with one abstention, and a second 31-60.
• The Assembly must finish its first-reading examination by midnight on 17 Nov.

France's National Assembly has postponed its vote on the revenue section of the 2027 budget for a second time, Cointelegraph reports, with debate set to continue on Tuesday instead. The Assembly's end-of-session notice after Monday's sitting listed 758 amendments still awaiting examination. The original vote, scheduled for 20 Oct, was delayed with more than 2,000 amendments pending, according to Le Monde.

The delay follows the rejection on Friday of two crypto exit-tax proposals, which would have taxed unrealised gains when taxpayers moved their tax residence abroad. Lawmakers voted down the first, which sought to bring crypto assets into France's existing exit tax regime, by 27 in favour to 55 against with one abstention. A second, covering household crypto holdings worth more than 800,000 euros ($897,000), was rejected by 31 votes to 60.

Exit taxes rejected

Other crypto measures remain to be debated. One would require reporting of self-custodied holdings worth at least 100,000 euros ($112,000) at year-end, and another would exempt gains on crypto payments for goods and services up to 1,000 euros ($1,120) a year. MPs approved a proposal on 16 Oct to tax gains when crypto is converted into fiat-pegged stablecoins, though it has not become law.

The Assembly has until midnight on 17 Nov to complete its first-reading examination.

What to watch: The National Assembly must complete its first-reading examination of the budget by midnight on 17 Nov.

Read the full story on Cointelegraph →