French budget defeat drops stablecoin tax and self-custody reporting plans for now
France's National Assembly rejected the revenue section of the 2027 budget late on Wednesday, wiping out three crypto amendments adopted earlier. They would have taxed gains on converting crypto into stablecoins, required disclosure of self-custodied holdings of €100,000 or more, and raised penalties for non-reporting platforms from €10,000 to €50,000. The government will send its original text to the Senate, where the measures could be reintroduced; Senate debate on the finance bill begins on 20 November.