France votes to include crypto in wealth tax under new fiscal reform
France’s National Assembly has passed an amendment that could significantly alter how the country taxes wealth, expanding levies to include cryptocurrencies and other “unproductive” assets.
The measure, proposed by centrist MP Jean-Paul Matteï on October 22, passed narrowly with a 163–150 vote late Friday, backed by both socialist and far-right lawmakers, reports Cointelegraph.
It will now move to the Senate as part of France’s 2026 budget deliberations. Matteï argued that the current real estate wealth tax is “economically inconsistent” for excluding unproductive items such as gold, coins, yachts, and artworks. The new framework, he said, would “encourage productive investment” by taxing idle wealth that doesn’t contribute to economic growth. If enacted, the measure would take effect on January 1, 2026, pending final approval.
Crypto included in ‘unproductive wealth’ category
Under the proposed system, digital assets, including Bitcoin (BTC) and other cryptocurrencies, would be classified as “unproductive goods,” alongside collectibles and luxury property. Only those holding more than €2 million ($2.3 million) in such assets would be subject to the new levy, which imposes a flat 1% tax on amounts exceeding the threshold. This marks a shift from the current progressive tax system, where wealth under €800,000 ($922,000) is untaxed, and holdings above €10 million face a 1.5% rate.
While the reform is aimed at redirecting capital toward “productive sectors,” it has drawn criticism from France’s crypto community, which views the inclusion of digital assets as a setback for innovation. Analysts warn that high-net-worth crypto holders could face liquidity challenges, as they may be forced to sell holdings to meet tax obligations if they lack other liquid assets.
Crypto leaders warn of economic and ideological risks
The proposed inclusion of crypto in France’s wealth tax has sparked backlash among industry leaders, including Éric Larchevêque, co-founder of Ledger, one of the world’s largest crypto wallet manufacturers. Larchevêque called the amendment “a major ideological error,” arguing that it “punishes savers who turn to gold and Bitcoin to protect their future.” He said the move sends a clear political message equating crypto with “an unproductive reserve, not useful to the real economy.”
Critics also fear the €2 million threshold could later be reduced, broadening the tax’s reach and prompting capital flight among wealthy investors. Despite ongoing debate, the probability of implementation remains high, according to Larchevêque. If approved, France would become one of the first major economies to explicitly target digital assets under its national wealth tax — a move likely to reignite Europe’s broader discussion about how to treat crypto in fiscal policy.
Recently we wrote that low electricity prices have made Iran one of the world’s largest cryptocurrency mining hubs.
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