In just a few years, crypto-assets have established themselves as an asset class in their own right. Bitcoin, Ethereum, stablecoins, NFTs, DeFi… these are all terms that are now familiar to investors, but which raise complex questions when it comes to taxation.
In France, the tax authorities were quick to regulate this new landscape. Since 2019, a specific regime has been in place for private individuals. However, beyond this basic framework, the rules remain fragmented: different treatments depending on the transaction, a distinction between occasional and professional activity, uncertainties regarding VAT, not to mention increasingly stringent reporting requirements.

In 2025, all holders of crypto-assets – whether they are private individuals, entrepreneurs or institutional investors – will have to navigate a rapidly changing tax environment, characterised by the growing influence of the European Union and the OECD.

The tax regime for private individuals: a specific but restrictive framework

For individuals carrying out one-off transactions, the General Tax Code provides for capital gains to be taxed at the single flat-rate levy (PFU) of 30 % (12.8 % tax + 17.2 % social security contributions).

A few important points:

• Annual disposals of less than €305 are exempt.

• Capital gains are calculated on a transaction-by-transaction basis, in accordance with the method of the weighted average price.

• Exchanges between crypto-assets (e.g. Bitcoin → Ethereum) are regarded as taxable transactions provided they result in a value expressed in legal tender.

Certain types of income are not covered by this scheme and are taxed differently:

• Staking and airdrops: treated as investment income (RCM category).

• Mining: taxed as non-trade profits (BNC).

• Normal trading activity: risk of reclassification as industrial and commercial profits (BIC).

The line between occasional and professional activity remains blurred, and may lead to costly reclassifications in the event of an inspection.

Businesses and professionals: a more complex tax system

Companies that hold or trade in crypto-assets are subject to the standard rules on corporation tax. In 2020, the Accounting Standards Authority (ANC) published a regulation requiring specific accounting treatment:

• Crypto-assets are recognised as intangible assets or as stock, depending on their use.

• Changes in value may give rise to provisions.

• Complex operations (forks, NFTs, DAOs) remain difficult to classify and require a case-by-case assessment.

For innovative businesses, the challenge is twofold: to ensure their accounting and tax procedures are in order, but also to anticipate changes to European standards (the MiCA Regulation), which will introduce a harmonised framework from 2025–2026.

VAT and specific transactions

VAT remains a fluid area. Since the CJEU Hedqvist (2015) judgement, the exchange of cryptocurrency for fiat currency has been exempt from VAT. However, grey areas remain:

• ICOs (token-based fundraising) may be subject to VAT depending on the nature of the tokens issued.

• NFTs raise new questions: are they digital assets comparable to works of art, or simply tokens granting access to services?

• DeFi services (loans, yield farming) blur the lines between exempt financial services and taxable activities.

Stricter reporting requirements

Holding crypto-assets involves more than simply declaring them at the time of disposal. The tax authorities also impose specific obligations:

• Declaration of accounts held abroad (Form No. 3916-bis).

• Annual declaration of accounts held with foreign PSANs (Digital Asset Service Providers).

Failure to comply with these obligations may result in heavy fines: €750 per undeclared account (up to €1,500 if the account is held in a non-cooperative country).

Towards a European and international tax system

Taxation of cryptocurrencies does not stop at France’s borders. Under the impetus of the OECD and the European Union, transparency is becoming the norm:

• The DAC8 Directive, adopted in 2023, requires platforms to automatically exchange customer data with tax authorities.

• The OECD’s CARF (Crypto Asset Reporting Framework) project follows the same approach.

In practical terms, it will become increasingly difficult to ‘hide’ digital assets abroad. International cooperation, which is already effective in the case of bank accounts, is now being extended to crypto-assets.

Conclusion

The taxation of crypto-assets in France is both clear in broad terms and complex in its details. Individuals must take into account the flat tax rate (PFU) and reporting obligations, whilst businesses must contend with strict accounting rules and persistent uncertainty regarding certain assets.
Above all, the international dimension is transforming the landscape: the anonymity and opacity long associated with crypto-assets are now a thing of the past.

At Qualifisc, we support investors, business leaders and innovative entrepreneurs in managing their crypto tax affairs, preparing for tax audits and optimising their tax structures.