France weighs tougher tax rules; Thailand sets crypto ETFs framework

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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.