France Imposes 1% Wealth Tax on Crypto Holdings Over €2 Million

France has enacted a sweeping tax reform targeting high-net-worth individuals, applying a 1% levy on net assets exceeding €2 million—including unrealized cryptocurrency gains. The measure categorizes digital assets alongside yachts and vacant properties as 'unproductive wealth,' requiring full disclosure of domestic and foreign wallets.

The policy shift closes a loophole that previously exempted idle crypto holdings from taxation. Authorities frame the move as an economic stimulus measure, aiming to redirect capital toward productive investments. 'This isn't about penalizing innovation,' remarked a Finance Ministry spokesperson, 'but ensuring all forms of substantial wealth contribute fairly.'

Market analysts note the ruling could pressure long-term HODLers to reevaluate portfolio strategies. While the immediate impact appears limited to France's jurisdiction, the precedent may influence EU-wide crypto taxation frameworks currently under debate.