TL;DR: France’s Finance Committee adopted digital currency tax amendments on self-custody wallet disclosure, stablecoin conversions, and exit tax, but rejected the bill’s revenue section, so they must be resubmitted. Thailand’s SEC issued crypto ETF rules, effective October 16, initially allowing only BTC and Ether funds.
Key Takeaways:
- France’s Finance Committee adopted three crypto tax amendments, but rejected the bill’s revenue section 31 to 3, so they must be resubmitted.
- Amendment I-CF821 would require the declaration of self-custody wallets worth €100,000 ($111,888) or more.
- Amendments I-CF1826 and I-CF1822 would tax certain crypto-to-stablecoin conversions and apply an exit tax to unrealized gains above €800,000 ($895,104), from January 1, 2027.
- Thailand’s crypto ETF rules take effect on October 16, initially allowing only BTC and Ether ETFs.
- Thai crypto ETFs must maintain an average net exposure of at least 80% to a single asset, list only on the SET, and use SEC-regulated custodians.
As governments and financial regulators continue to refine their approaches to the digital asset sector, last week saw France consider expanded disclosure and taxation requirements for digital asset holders, while Thailand prepared to introduce new rules for bitcoin and ether exchange-traded funds.
One step forward one step back in France
France is considering several changes to the tax treatment of digital assets, including reporting self-custodied digital currency holdings, taxing certain stablecoin conversions, and applying an exit tax to unrealized gains when taxpayers leave France.
The various changes were proposed as separate amendments to the 2027 Finance bill, currently being debated by the French National Assembly’s Finance Committee. While all the amendments were adopted, the committee subsequently rejected the revenue section of the broader bill by a vote of 31 to 3. Meaning, the proposed digital currency changes would need to be resubmitted and approved during the parliamentary proceedings before becoming part of the legislation.
Nevertheless, since the digital asset-related amendments appear to have the support of the finance committee, it is quite possible they will be brought up again, in which case they’re worth examining in more detail.
France’s proposed crypto tax shake-up
Amendment I-CF821, tabled by Charles de Courson, deputy of the centrist group Libertes, proposed requiring taxpayers to declare self-custody crypto wallets—those not maintained by a crypto-asset service provider (CASP)—when their total value reaches €100,000 ($111,888) or more at December 31 of the relevant tax year.
The proposal, which was adopted by the committee on October 9, also provides for penalties of up to €10,000 ($11,188) for non-compliance.
If it eventually makes its way into the final version of the 2027 finance bill, it would introduce a specific disclosure obligation for qualifying self-custodied holdings, extending tax reporting beyond assets held through intermediaries.
Two further amendments also proposed changes to the taxation of digital asset investments.
Amendment I-CF1826, adopted by the committee on October 7, would change the treatment of exchanges in which a taxpayer receives qualifying fiat-backed electronic money tokens (stablecoins). The proposal would remove the existing tax deferral for these transactions, bringing certain crypto-to-stablecoin conversions within the capital gains tax calculation from January 1, 2027.
Separately, amendment I-CF1822, adopted the following day, proposed extending France’s exit-tax framework to unrealized gains on qualifying digital currency holdings. It would apply where the taxpayer had been a French tax-resident for at least six of the preceding 10 years and the household’s relevant digital asset holdings exceeded €800,000 ($895,104) when tax residence was transferred abroad; also with a proposed start date of January 1, 2027.
As the revenue section of the finance bill—of which the various digital currency tax amendments were a part—failed its overall vote, the amendments did not carry over to broader bill, scheduled to begin examination by the National Assembly on October 13, so their backers will need to table them again if they are to make the final draft.
Whether they are eventually realized or not, for digital asset investors and fintech businesses in France, the proposals raise important questions about wallet disclosure, the tax treatment of crypto-to-stablecoin conversions and the potential tax consequences of relocating abroad.
While France’s proposals focus the tax obligations related to digital asset investors’ current holdings, Thailand—the largest crypto adopter in Southeast Asia—is exploring how investors can gain more exposure to digital assets through regulated financial products.
Thailand SEC issues BTC and ether ETF rules
Thailand’s top financial markets regulator, the Securities and Exchange Commission (SEC), issued new regulations on October 8 establishing a regulatory framework for digital currency exchange-traded funds (ETFs) in the country, including that only BTC and ether ETFs will be allowed, at least initially.
The SEC said the new rules, which are due to take effect on October 16, were intended to “broaden investment opportunities for investors, enhance the capabilities of business operators, and promote the crypto ETF ecosystem under an appropriate investor protection framework.”
Since the world’s first digital asset ETF was launched back in 2021—the Purpose Bitcoin ETF (BTCC), launched on the Toronto Stock Exchange in February 2021—the global market for the products has expanded exponentially. According to Bloomberg data, global digital assets under management (AUM) in ETFs reached a record $237 billion in October 2025.
Looking to simultaneously capitalize on and protect investor in this booming space, under the Thai SEC’s new rules, digital currency ETFs must comply with the regulatory framework generally applicable to standard ETFs, in addition to a number of additional investor protection measures, one of the highlights being that a digital currency ETF must maintain average net exposure to a single digital asset of at least 80% of net asset value over each accounting year.
The SEC said it would it would prescribe the types of crypto assets in which the fund may invest, taking into account liquidity, broad market acceptance, network security, and investor protection. However, it went on to clarify that during the initial stage only BTC and Ethereum would be allowed.
Further, digital currency ETFs must be listed and traded exclusively on the Stock Exchange of Thailand (SET), and must be safeguarded only by digital asset custodians regulated by the SEC. Any asset management company seeking to establish a crypto ETF must also demonstrate “adequate organizational readiness,” including personnel, operational systems, and arrangements with relevant service providers, to ensure that the fund can operate securely, efficiently, and in an orderly manner.
The SEC emphasized that the rules put a focus on investor protection, including additional measures such as mandatory investor education on the characteristics and risks of the product, and a mechanism requiring investors to acknowledge and confirm their understanding of the relevant risks before trading digital currency ETFs.
The regulator also said it had amended the regulations to allow mutual funds and private funds to invest in Thai digital currency ETFs, whereas they were previously allowed to invest only in foreign ones. Such investments will remain subject to the existing investment limits.
However, to support the development of locally issued crypto ETFs and “strengthen the capabilities of Thai business operators,” during the initial phase the SEC said it would prohibit the issuance, establishment, or offering of alternative products related to foreign digital currency ETFs, such as depository receipts (DRs) referencing foreign digital currency ETFs, as well as cases where securities companies facilitate investments in foreign digital currency ETFs by clients who are neither institutional investors nor ultra-high-net-worth investors.
Along with the digital currency tax developments in France, Thailand’s new measures demonstrate how global lawmakers and authorities are increasingly grappling with the dueling obligations of—and to—individual digital asset holders and the financial institutions bringing more and more digital currency-based investment products to an ever-growing market.
FAQs:
Does France want crypto holders to declare self-custody wallets?
Possibly. Amendment I-CF821 would require the declaration of self-custody wallets worth €100,000 ($111,888) or more on December 31, with penalties of up to €10,000. A French National Assembly committee adopted it on October 9, but it still must be resubmitted and approved before becoming law.
Will France tax crypto-to-stablecoin conversions?
It may. Amendment I-CF1826 would remove the tax deferral on exchanges into qualifying fiat-backed stablecoins, bringing such exchanges into the capital gains calculation as of January 1, 2027. The finance committee adopted it on October 7, but it is not yet final and must be resubmitted.
What is the proposed crypto exit tax in France?
Amendment I-CF1822 would impose an exit tax on unrealized crypto gains when a taxpayer who has been a French tax resident for at least six of the past ten years moves abroad with household crypto holdings exceeding €800,000 ($895,104). The proposed start date is January 1, 2027. It is not yet law.
What crypto ETFs are allowed in Thailand?
Only BTC and Ether ETFs at first. Thailand’s SEC issued the rules on October 8, effective October 16, 2026, and will define eligibility criteria for digital assets based on liquidity, market acceptance, network security, and investor protection. Other tokens are not allowed initially.
What are the rules for crypto ETFs in Thailand?
Thai digital currency ETFs must maintain an average net exposure to a single crypto asset of at least 80% of net asset value each year, list only on the Stock Exchange of Thailand, and use SEC-regulated custodians. Investors must confirm they understand the risks before trading.
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