France Targets Crypto as ‘Unproductive Wealth’ in Tax Law

The amendment’s passage through France’s National Assembly reveals an unusual political alignment that transcends traditional party lines. Centrist MP Jean-Paul Matteï’s proposal garnered support from both socialist and far-left lawmakers alongside far-right representatives, creating a coalition that defies conventional French political dynamics. This 163-150 vote margin demonstrates how cryptocurrency regulation has become a unifying issue across the political spectrum, with lawmakers from opposing ideologies finding common ground in their approach to taxing digital assets.

The cross-party backing suggests a growing consensus among French legislators that cryptocurrency holdings represent a form of wealth requiring regulatory oversight and taxation. This unusual alliance between typically opposed political factions indicates that digital asset regulation has moved beyond partisan politics to become a matter of national fiscal policy. The collaboration between socialist and far-right MPs, in particular, highlights the perceived urgency of addressing what lawmakers are framing as ‘unproductive wealth’ in the French economy.

The amendment represents a fundamental reclassification of cryptocurrency under French tax laws, placing digital assets in the same category as certain types of property deemed ‘unproductive.’ This categorization marks a significant departure from traditional wealth classification and reflects lawmakers’ growing concern about untaxed digital wealth accumulation. By grouping crypto holdings with other forms of property considered non-productive, the French government is establishing a new framework for understanding and regulating digital asset ownership.

The concept of ‘unproductive wealth’ itself carries significant implications for how cryptocurrency is perceived by regulatory authorities. This classification suggests that lawmakers view substantial crypto holdings as assets that don’t contribute to economic productivity in the same way as investments in businesses or productive property. The amendment, filed on October 22 by MP Jean-Paul Matteï, reflects a growing trend among European regulators to bring cryptocurrency into existing tax frameworks rather than creating entirely new regulatory structures.

This redefinition of wealth classification could have far-reaching consequences for cryptocurrency investors in France and potentially across the European Union. By establishing a precedent for treating significant crypto holdings as taxable ‘unproductive wealth,’ France may be setting the stage for similar regulatory approaches in other EU member states seeking to increase tax revenue from digital assets.

While the amendment has cleared the National Assembly, its journey toward becoming law remains uncertain. The measure must now navigate the remainder of the parliamentary process as part of France’s 2026 budget legislation. The most significant hurdle remains approval by the Senate, where the amendment may face different political dynamics and potential opposition from lawmakers concerned about its implementation or economic impact.

The timing of this legislative effort, as part of the 2026 budget planning, indicates that French authorities are taking a deliberate approach to cryptocurrency taxation. This extended timeline suggests lawmakers recognize the complexity of implementing such taxation and want to ensure proper regulatory frameworks are in place. The budget context also highlights the government’s interest in cryptocurrency as a potential revenue source, positioning digital asset taxation as part of broader fiscal planning rather than isolated regulatory action.

If the amendment survives the parliamentary process and receives Senate approval, it would represent one of the most significant regulatory developments in European cryptocurrency taxation. The implementation as part of the 2026 budget would give market participants and regulatory authorities substantial time to prepare for the new tax regime, potentially minimizing market disruption while establishing clear guidelines for cryptocurrency taxation in one of Europe’s largest economies.