France's National Assembly rejected the revenue section of the proposed 2027 budget in a 458–0 vote, sidelining crypto-specific fiscal measures including a stablecoin-swap tax and a €100,000 self-custody reporting requirement.
A stablecoin-swap tax would have increased transaction costs for on-chain liquidity providers and traders using payment stablecoins. The reporting requirement for self-custodied assets exceeding €100,000 represented a significant expansion of tax authority into personal digital holdings.
The rejection temporarily removes compliance friction for DeFi users and protocols operating in France. French residents can maintain larger on-chain balances without immediate government disclosure mandates.
The measures could still reappear as amendments. The Senate is scheduled to debate the budget beginning Nov. 20, and the legislative process allows for revisions and reintroduction of specific proposals in later stages.
The unanimous vote against the revenue section signals broad parliamentary opposition to the overall fiscal plan, reflecting wider disagreements within the Assembly over tax policy.
