France's National Assembly votes down the revenue half of the 2027 budget, dropping a stablecoin swap tax and a self-custody reporting rule for now

France's National Assembly voted on Wednesday to reject the revenue part of the 2027 state budget, and with it the crypto tax measures that lawmakers had added since mid-October. The Assembly said the rejection means the whole finance bill is considered rejected at first reading. Cointelegraph reported a 458 to 0 vote with two abstentions.

Two amendments mattered most to crypto users. On October 16 lawmakers adopted a tax on gains made when crypto is converted into stablecoins. On Tuesday they adopted a requirement to declare self-custodied crypto holdings of at least 100,000 euros, about $112,000, measured on December 31, according to Cointelegraph and Cryptoast. Cointelegraph said the government will send the Senate its original text without them.

Nothing is final. The Senate begins debating the finance bill on November 20, and Cointelegraph said senators examine the revenue articles on November 23, where the measures could be put forward again. They would still need to survive the rest of the process to become law. Faustine Fleuret of the lending protocol Morpho had warned before the vote that rejecting the revenue part could sweep away the amendments with it.