France to Impose Tax on Major Crypto Assets as 'Idle Wealth'
The French National Assembly has approved a 1% tax on "unproductive wealth" exceeding €2 million, which includes cryptocurrencies, gold, art, and yachts, aiming to encourage productive investments.
Details of the Amendment
Centrist MP Jean-Paul Matteï proposed reclassifying certain assets as "idle" if they do not contribute directly to economic growth. The tax targets only wealth above the new threshold of €2 million, increased from €1.3 million previously.
Comparison with Existing Wealth Tax
This new flat tax contrasts with France's current progressive real estate wealth tax, which begins at 0% for properties under €800,000 and climbs to 1.5% for assets above €10 million.
Criticism and Concerns
Critics argue that this tax unfairly punishes savers who seek stability through Bitcoin and other crypto assets, potentially forcing the sale of holdings and causing capital flight to more crypto-friendly EU countries.
The amendment awaits Senate approval and is expected to take effect in 2026, reflecting France's intent to integrate cryptocurrencies into its regulatory framework aligned with broader European Union digital asset regulation efforts.
Summary
This tax reform might provoke capital outflows as investors consider relocating to jurisdictions with more favorable cryptocurrency policies.
Author's summary: France’s new 1% tax on crypto and other non-productive assets above €2 million sparks debate over economic impact and risks pushing investors towards more crypto-friendly EU nations.
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