Are cryptos about to become a burden for French investors? An amendment recently adopted in the National Assembly could shake things up. Bitcoin, Ethereum and other digital assets would soon be taxed as “unproductive wealth”, just like yachts and hoarded gold.
In brief
- The National Assembly voted for an amendment classifying cryptos among taxable “unproductive wealth”.
- Only crypto assets exceeding 2 million euros would be subject to a flat tax of 1%.
- The text must still be validated by the Senate before coming into force at the beginning of 2026.
- The French crypto industry is alarmed by a political signal hostile to digital innovation.
A tax turning point that targets “dormant” assets
The National Assembly reached a symbolic milestone last Friday. By 163 votes to 150, the deputies adopted an amendment which redefines wealth taxation in France.
The text, supported by Jean-Paul Matteï, centrist MP, aims to fill what he considers to be an “economic inconsistency”: the tax exemption enjoyed by certain assets deemed “unproductive”.
Cryptos now join a list that includes gold, yachts, collector cars and works of art. The political message is unequivocal. These assets, which would not contribute directly to the “dynamics of the French economy”, must be discouraged by taxation.
The amendment proposes a single rate of 1% on unproductive assets exceeding 2 million euros, against a progressive system currently in force for real estate.
For crypto holders, this measure represents a radical change. Until now, only capital gains made from the sale of digital assets were taxed.
Now, simply holding a large portfolio could generate an annual tax bill. An investor with 3 million euros in bitcoin would thus have to pay 10,000 euros each year, without having made any gain.
The vote brought together a diverse coalition. Socialists and far-right deputies joined forces to pass the text, illustrating the transpartisan distrust of digital assets. But the story doesn't end there. The Senate must still vote before the measure enters the 2026 budget.
The crypto ecosystem protests against an “ideological error”
Éric Larchevêque does not mince his words. The co-founder of Ledger, the French flagship of crypto wallets, denounced on social networks a measure which “penalizes all savers who wish to anchor their financial assets in gold and Bitcoin”.
For him, the political signal is disastrous. He accuses the legislator of wanting to “penalize the holding of value outside the fiat monetary system”.
The industry's fears are multiple. First, the risk of forced liquidations. Many French investors hold most of their assets in cryptos, without sufficient liquidity to pay annual tax.
They may have to sell their assets under unfavorable conditions, which will create downward pressure on their portfolios. Then, the dreaded domino effect: a threshold of 2 million euros today, but nothing guarantees that the State will not lower it tomorrow.
The timing of this initiative is challenging. While countries like the United States are increasing their pro-crypto initiatives and certain states are considering Bitcoin as a strategic reserve, France seems to be taking the opposite path.
Even more troubling: this vote comes a few days after a bill from the UDR mentioned the creation of a national reserve of 420,000 bitcoins. A French paradox which reveals irreconcilable visions within the political class.
The technical challenges are equally worrying. How to accurately evaluate a crypto wallet held on decentralized platforms or kept offline in a hardware wallet? How can we verify the accuracy of declarations without setting up excessive administration? These questions remain unanswered and could seriously hamper the practical application of this law.
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