French lawmakers voted to pass an amendment to the country's tax law that will impose taxes on "non-productive wealth," including certain types of real estate and cryptocurrency holdings.
Centrist MP Jean-Paul Matteï submitted the amendment on October 22, and members of the National Assembly (the lower house of the country) approved it on Friday evening with a vote of 163 to 150, receiving support from the Socialist Party and far-right lawmakers.
The measure still needs to go through subsequent parliamentary procedures, as lawmakers aim to pass the 2026 budget, and it must also be approved by the Senate to become law.
According to Matteï's statement in the amendment summary, the current real estate wealth tax law is "economically inconsistent" because it "excludes non-productive assets." These assets include "gold, commemorative coins, classic cars, yachts, and artworks."
He claimed that the new tax would "encourage productive investment," as he argued that the current system does not take into account assets that could "promote the vitality of the French economy."
The summary notes that "non-productive assets" will no longer enjoy legal exemptions, and the taxable asset range has been expanded to include "non-productive" real estate, "valuable items," and aircraft, as well as "digital assets."
Only individuals with more than 2 million euros ($2.3 million) in "non-productive wealth" will be taxed, up from the current legal threshold of 1.3 million euros ($1.5 million).
The tax rate has also changed, with a uniform rate of 1% applied to taxable assets exceeding the 2 million euro threshold.
The current real estate wealth tax is progressive, exempting assets below 800,000 euros ($922,660), while portions above 10 million euros ($11.5 million) are taxed at 1.5%.
This amendment includes digital assets in the taxable range, a move that has clearly disappointed local cryptocurrency enthusiasts.
According to Éric Larchevêque, co-founder of Ledger, a cryptocurrency wallet manufacturer, the amendment "punishes all savers who hope to secure their financial future through gold and Bitcoin."
He added, "The political signal is clear: 'Cryptocurrency is equivalent to non-productive reserves that do not benefit the real economy.' This is a significant ideological error, but it also reveals a shift in fiscal policy: punishing those who choose to store value outside the fiat currency system."
According to Larchevêque, if French cryptocurrency holders do not have other liquid assets, they may have to sell their holdings to pay this tax, while also worrying that the 2 million euro threshold may be further lowered in the future.
He said, "There are still certain legislative procedures for this to be included in the 2026 budget, but in my judgment, the probability of it taking effect from January 1 is still very high."
Related: Reports indicate that a Nordic bank that once rejected cryptocurrency is about to launch a Bitcoin (BTC) ETP.
Original article: “French MPs Advance Proposal to Tax Crypto Holdings as ‘Non-Productive Wealth’”
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