French lawmakers back crypto exit tax and fines for undeclared wallets

French lawmakers in the National Assembly finance committee voted on Thursday to extend the country's exit tax to cryptocurrency holdings exceeding 800,000 euros, Euronews reported. The proposal targets wealthy digital asset investors who move abroad by taxing their paper gains. [1]

Euronews reported that the cross party panel also backed fines of up to 10,000 euros for undeclared self custody wallets. The measures aim to align rules for digital assets like Bitcoin with existing levies already imposed on relocating equity investors. [1]

The committee vets budget bills before they are debated by the full lower house of the French Parliament. Members of Parliament, known as deputies, sit in the 577 seat National Assembly. [1][2]

Every measure approved by the finance committee must be voted on again by the full lower house before becoming law, according to Euronews. [1]