France's Stablecoin Tax and Wallet Reporting Fall Away as Assembly Rejects Budget 458-0

Published November 5, 2026, 3:20 PM PKT. Based on the French National Assembly's official voting record for scrutin n°9759, November 4, 2026 (primary source), and reporting by Cointelegraph and CryptoBreaking on November 5, 2026 (secondary reporting).

France's National Assembly has rejected the revenue section of the 2027 state budget, removing three crypto amendments from the bill that goes to the Senate. The Assembly voted 458 to none against the revenue section at first reading late on Wednesday, November 4, 2026, with two abstentions, according to the official voting record for scrutin n°9759. The record shows 460 deputies voted and 458 votes were expressed, with none in favor of adoption. The revenue section covers government income, including taxes, so its rejection takes the crypto measures down with it. The government will now send the Senate the original budget text, without the amendments lawmakers had adopted, and the crypto proposals would have to be reintroduced there and survive the rest of the budget process to become law.

A 458-0 vote, and what it removes

The scale of the vote is the story in itself. Not a single deputy voted to adopt the revenue section, and the two abstentions came from a chamber of 460 voters. Faustine Fleuret, global head of public affairs at lending protocol Morpho, told Cointelegraph before the vote that rejection of the revenue section could "result in the rejection of the entire bill in the National Assembly, including provisions adopted by way of amendments." That is what happened. The Assembly must complete its first-reading examination of the budget by midnight on November 17, and the Senate is scheduled to begin debating the finance bill on November 20, followed by an examination of the revenue section's articles on November 23, according to its published schedule. Until then, the three crypto amendments are out of the bill, not merely delayed within it.

Three crypto amendments fall away

The Assembly had adopted three crypto-related amendments before rejecting the revenue section, and all three now fall away. On October 16, lawmakers adopted an amendment that would make gains from crypto-to-stablecoin conversions taxable, at the 31.4 percent flat capital-gains rate MABOnChain reported when it passed. On Tuesday, November 3, lawmakers adopted another amendment that would require taxpayers to disclose self-custodied crypto holdings totaling at least 100,000 euros (about $112,000), with the threshold assessed on December 31 of the tax year. A third amendment would increase penalties from 10,000 euros to 50,000 euros for crypto platforms that fail to provide information requested by tax authorities. None of the three had become law: adoption during the parliamentary process is only a step toward legislation, and the rejection of the revenue section strips them from the text heading to the Senate.

A month of crypto tax fights in Paris

The vote caps a month of fights over crypto taxation in the French parliament. On October 30, the Assembly rejected two proposals that would have taxed unrealized crypto gains when taxpayers moved their tax residence abroad, the first by 55 votes to 27 and the second by 60 votes to 31. The first would have brought crypto assets under France's existing exit-tax regime, and the second would have taxed unrealized gains on household crypto holdings worth more than 800,000 euros (about $897,000) for taxpayers who had been French tax residents for at least six of the previous 10 years. The stablecoin conversion tax adopted on October 16 survived that round, as did the self-custody disclosure rule adopted on November 3, but both are now sidelined by the budget vote. Other proposals are still outstanding, including an exemption for gains on crypto payments for goods and services when the total does not exceed 1,000 euros (about $1,120) during the tax year.

What happens next in the Senate

The crypto measures are not dead, only displaced. Lawmakers could still reintroduce the stablecoin tax, the wallet disclosure rule or the higher platform penalties in the Senate, but each would face additional scrutiny and would need to survive the remaining budget process to become law. The Senate begins debating the finance bill on November 20 and examines the revenue section's articles on November 23. France's crypto holders and platforms therefore get a reprieve, not a verdict: the tax on stablecoin conversions, the 100,000-euro disclosure threshold and the 50,000-euro platform penalty are all off the table for now, and their return depends on whether senators choose to pick them back up.

Sources

• French National Assembly, Analyse du scrutin n°9759, première partie du projet de loi de finances pour 2027, November 4, 2026 (primary source: 460 voters, 458 votes expressed, 0 for adoption, 458 against, 2 abstentions, second sitting of Wednesday, November 4, 2026)
• Cointelegraph, France budget rejection sidelines stablecoin tax, wallet reporting, November 5, 2026 (secondary reporting: 458-0 vote with two abstentions, three amendments falling away, Faustine Fleuret comment, Senate schedule November 20 and November 23)
• CryptoBreaking, France Budget Vote Rejects Stablecoin Tax and Wallet Reporting, November 5, 2026 (secondary reporting: late Wednesday vote, three adopted amendments removed from the bill sent to the Senate, Senate reintroduction possible)
• Cointelegraph, France Postpones 2027 Budget Vote as Lawmakers Reject Crypto Exit-Tax Proposals, November 3, 2026 (secondary reporting: October 30 exit-tax rejections, 55-27 and 60-31, 800,000-euro threshold, 1,000-euro payments exemption proposal, November 17 first-reading deadline)

This article is news reporting and is not investment advice.