France's proposal marks the first time cryptocurrency holdings could be taxed as unproductive wealth, widening the scope of its national wealth tax.
France has, for the first time, proposed including cryptocurrency holdings in the 'unproductive wealth' category of its national wealth tax. This classification would subject digital assets to the same levy applied to other non-income-generating assets. The move has been criticized by crypto advocacy groups, who argue that labeling digital currencies as unproductive overlooks their potential economic contributions. If enacted, the policy would introduce new tax burdens for individuals with significant cryptocurrency portfolios.