CFTC seeks input on framework for retail crypto transactions
The agency is considering crypto-specific compliance guidance and a registration subcategory for markets dedicated to the transactions.
French lawmakers back crypto exit tax, but budget hurdle remains
Committee proposals would cover crypto holdings above €800,000 and require disclosure of some self-custody wallets. They must be resubmitted after a budget vote.
France’s National Assembly finance committee approved a proposal to extend the country’s exit tax to cryptocurrency from January 1, 2027, covering household holdings above €800,000. The measure is not law and must be submitted again after the committee rejected the tax portion of the government’s 2027 budget.
The existing exit tax covers unrealized securities gains for people relocating abroad who have been French residents for at least six of the preceding ten years. The proposed extension would include crypto held on overseas platforms and in wallets controlled directly by their owners.
Payment could be deferred for relocation to EU members and certain other countries, with the liability canceled after assets are retained for two to five years. The amendment specifies neither a tax rate nor social charges, leaving the amount payable by crypto holders uncertain. Communist MP Nicolas Sansu and 16 left-wing colleagues sponsored it.
A separate proposal from centrist MP Charles de Courson would require taxpayers to report self-custody wallets with a combined year-end value of at least €100,000. Noncompliance could bring penalties reaching €10,000. Reporting obligations currently cover only overseas crypto accounts.
Other committee-backed measures would make exchanges of crypto for stablecoins taxable from 2027, allow losses to offset crypto gains over ten years, and increase a proposed penalty for failing to answer tax authorities’ document requests to €50,000 per request from €10,000.
The committee rejected the budget’s revenue portion by 31 votes to 3, preventing its amendments from carrying forward. The full Assembly must consider the government’s original proposal, so lawmakers must reintroduce the crypto measures.
Assembly votes are scheduled for October 20 on revenues and November 17 on the complete budget, followed by Senate consideration. Parliament faces a December 10 deadline, after which the government can implement the budget through an ordinance.