France Could Pass ‘Unproductive Wealth’ Tax Targeting Crypto

Lawmakers in France have voted to advance an amendment to the country’s tax laws that would impose taxes on “unproductive wealth,” including certain types of property and vaults.

The centrist deputy Jean-Paul Matteï presented the amendment on October 22, with members of the National Assembly, the country’s lower house, passing by the amendment with a vote of 163-150 at the end of Friday, with the support of the socialist and far-right parliamentarians.

The measure will still have to survive the rest of the parliamentary process as lawmakers try to pass a budget for 2026 and must pass the Senate before becoming law.

Matteï’s summary of the modification said that the current real estate wealth taxes The law was “economically inconsistent” because it “excludes unproductive goods from its plate”, such as “gold, coins, classic cars, yachts, works of art”.

He said that the new tax “encourages productive investment”, since the current system does not take into account assets that could “contribute to the dynamism of the French economy”.

Crypto wrapped in “unproductive” assets.

The summary notes that “non-productive assets” will no longer be exempt from the law, and taxable assets have been expanded to include “non-productive” real estate, property such as “valuables” and aircraft, as well as “digital assets.”

Only those with “unproductive wealth” exceeding 2 million euros ($2.3 million) will be taxed, up from the 1.3 million ($1.5 million) limit in the current law.

The tax rate has also changed, imposing a fixed rate of 1% on taxable assets above the limit of 2 million euros.

The current real estate wealth tax is progressive, ranging from no tax on assets below 800,000 euros ($922,660) and jumping to 1.5% for assets above 10 million euros ($11.5 million).

The amendment to includes digital assets has apparently disappointed local crypto enthusiasts.

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Éric Larchevêque, the co-founder of crypto wallet ledger maker, he said On Saturday, the amendment “punishes all savers who want to anchor themselves financially to gold and Bitcoin to protect their future.”

“The political message is clear: “Crypto is equated to an unproductive reserve, not useful to the real economy,” he added. “This is a major ideological error, but it reveals a fiscal change: it punishes the holding of value outside the fiat monetary system.”

Larchevêque said that French crypto holders may be forced to sell their assets to pay the tax if they have no other liquid assets, and expressed concern that the limit of 2 million euros could subsequently be lowered.

“There is certainly still a legislative process to be included in the PLF 2026 [budget]but the likelihood of it going into effect on January 1 remains strong,” he said.

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