French lawmakers have voted to advance a proposed amendment to the nation’s tax code that would expand levies on so-called “unproductive wealth,” covering certain types of property and crypto holdings.
Centrist MP Jean-Paul Matteï introduced the measure on Oct. 22, and it passed the National Assembly — France’s lower house — late Friday with a narrow 163–150 vote, supported by both socialist and far-right members.
The proposal is part of the broader 2026 budget debate and must still pass the Senate before becoming law.
In his summary of the amendment, Matteï argued that the existing real estate wealth tax was “economically inconsistent,” as it excluded assets like “gold, coins, classic cars, yachts, and works of art,” which he described as “unproductive goods.” He said the reform aims to “encourage productive investment,” since the current framework overlooks assets that could “contribute to the dynamism of the French economy.”
Under the proposal, “unproductive goods” would no longer be exempt. The taxable base would expand to include non-productive real estate, luxury items such as “precious objects” and private planes, as well as “digital assets.”
The new levy would apply only to individuals whose “unproductive wealth” exceeds €2 million ($2.3 million), compared with the current threshold of €1.3 million ($1.5 million). It would impose a flat 1% tax on assets above that limit, replacing the existing progressive structure that ranges from zero tax below €800,000 ($923,000) to 1.5% on assets exceeding €10 million ($11.5 million).
The inclusion of digital assets has drawn criticism from France’s crypto community. Éric Larchevêque, co-founder of Ledger, said on Saturday that the move “punishes all savers who wish to financially anchor themselves to gold and Bitcoin in order to protect their future.”
“The political message is clear: crypto is being treated as an unproductive store of value, detached from the real economy,” Larchevêque said. “It’s a major ideological mistake — and a sign of a fiscal shift aimed at penalizing the holding of value outside the fiat monetary system.”
He warned that French crypto investors might be forced to liquidate their holdings to cover the new tax if they lack other liquid assets and voiced concern that the €2 million ($2.3 million) threshold could eventually be lowered.
“While the amendment still has to go through the full legislative process to be included in the 2026 budget, the likelihood of it taking effect on January 1 remains high,” Larchevêque added.
