The French budget proposal was rejected, and the taxation of stablecoins and the wallet declaration provisions were shelved

According to Cointelegraph, the French National Assembly voted down the "revenue" portion of the national budget for 2027 on Wednesday evening, resulting in the removal of three cryptocurrency-related amendments that had previously been included in the bill. These amendments will no longer be part of the version of the bill that will be submitted to the Senate, but there is still a possibility that they could be reintroduced during the Senate review stage in the future.

The National Assembly had previously passed three amendments related to cryptocurrency. On October 16, lawmakers passed an amendment that included the profits generated from exchanging cryptocurrencies for stablecoins within the scope of taxation. On Tuesday, lawmakers passed another amendment requiring taxpayers to declare their self-custodied crypto assets; if the total reaches or exceeds 100,000 euros (approximately 112,000 dollars), it must be declared, with the assessment benchmark date being December 31 of the tax year.

Additionally, another amendment proposed that if cryptocurrency platforms fail to provide relevant information as required by tax authorities, the amount of fines they face will increase from 10,000 euros to 50,000 euros.