France's National Assembly rejected the 2027 budget at first reading on 4 November, a day after MPs backed proposals for self-custody crypto disclosures and higher penalties for institutions refusing tax information requests. Those amendment votes have not created new reporting duties or fines.
The Assembly's official record says the first part of the finance bill was not adopted. Under rule 119(3), that meant the entire bill was considered rejected at this stage. The result therefore concerns the whole budget, rather than separate votes overturning the two crypto amendments.
What the self-custody proposal covered
Charles de Courson's amendment I-2701 would require declarations of directly held crypto wallets that are not kept with a crypto-asset service provider. The trigger is a total value of €100,000 or more, assessed on 31 December of the year covered by the declaration. Exactly €100,000 is included. The wording refers to the combined crypto-asset value across the directly held wallets.
The test concerns the value of assets held in those wallets at year-end, rather than gains realised through sales. It would add the declaration requirement to article 1649 bis C of the French tax code and extend a penalty cross-reference in article 1729 C ter.
The amendment's explanatory statement describes a sanction of up to €10,000 for non-declaration. That is the sponsor's description of the proposed enforcement mechanism. The text sets a valuation date but does not spell out the declaration form or filing arrangements.
The 3 November sitting record shows that I-2701 passed by 150 votes to 44 despite government opposition. Finance committee rapporteur Philippe Juvin left the decision to the Assembly's judgment. MPs had earlier rejected competing proposals with thresholds of €5,000 and €50,000.
During the debate, public accounts minister David Amiel questioned whether disclosure by holders themselves would be effective against fraud. He favoured concentrating on intermediaries and referred to reporting under the European Union's DAC8 framework. Amiel said DAC8 addresses service providers acting as intermediaries, while self-hosted arrangements pose a different enforcement problem.
A separate €50,000 information penalty
Christine Arrighi's amendment I-3723 addressed a different issue. Article 30 of the budget proposed a €10,000 fine for refusing documents or information requested by the tax administration under the control procedure in article L.80 R of the tax procedures code. Her amendment replaced that amount with €50,000 per request, seeking a stronger deterrent for institutions that fail to cooperate.
The explanatory statement identifies financial institutions, crypto-asset service providers and platform operators as the entities covered by that control. The €50,000 figure is therefore tied to an institutional information request. It is not the proposed fine for an individual failing to declare a self-custody wallet.
I-3723 passed by 110 votes to 52 on 3 November, with both the government and the finance committee rapporteur opposing it. Arrighi argued that a lower penalty could make non-cooperation cheaper than compliance. She said the administration first makes an information request and does not immediately apply a fine when no response arrives. Her argument was for penalising institutions that persist in refusing to cooperate.
Existing declarations are a different obligation
Current French tax administration guidance, updated on 17 July 2026, already requires individuals to declare digital-asset accounts held on foreign platforms. Paper filers use form 3916-3916 bis with their income-tax return. Online filers enter those accounts at the end of the filing process.
The guidance separately explains reporting gains or losses on private digital-asset disposals through annex 2086. For online returns, that amount automatically fills box 3AN for a gain or 3BN for a loss on the main return. It also says crypto-to-crypto exchanges without a cash adjustment benefit from tax deferral. These established rules concern foreign-platform accounts and transactions, distinct from the proposed declaration of year-end self-custody holdings.
Dalimss News previously covered France's stablecoin tax-swap amendment in the budget debate. Its report on the Senate's crypto tax information agreement approval bill concerned a separate legislative measure. Neither earlier event amounts to enactment of the self-custody proposal discussed this week.
The budget procedure rules prevent discussion of a finance bill's second part before its first part has been adopted. They also provide for further parliamentary consideration, including a Senate first reading. Any eventual crypto reporting requirement will depend on the subsequent legislative process and the final law. The amendment texts alone cannot establish an operative filing deadline for holders.
