French Senate Passes Bill on Automatic Exchange of Crypto Asset Tax Information

Odaily reports: The French Senate has passed a bill on first reading authorizing tax authorities to automatically exchange crypto asset transaction data with foreign counterpart agencies. The bill has subsequently been submitted to the National Assembly for review as Bill No. 3421 and still needs to complete the legislative process.

The bill covers agreements on the exchange of crypto asset tax information and updates existing agreements on the exchange of financial account information. The crypto asset portion is based on the Crypto-Asset Reporting Framework (CARF) developed by the Organisation for Economic Co-operation and Development, which sets common standards for collecting and automatically exchanging crypto transaction information for participating jurisdictions.

France has already implemented the EU's Eighth Amendment to the Administrative Cooperation Directive (DAC8) through its 2025 finance bill, requiring crypto service providers to report client identity and transaction data to tax authorities, which then share the information with the EU country where the user resides. French lawmakers are also discussing crypto tax adjustments in the 2027 budget. An amendment passed by the National Assembly on October 16 proposes taxing gains from conversions into specific fiat-pegged stablecoins starting January 1, 2027, but the measure has not yet become law. (Cointelegraph)