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France Wants to Tax Unrealized Crypto Holdings but Also Hoard 420,000 BTC

France’s National Assembly approved a first‑reading amendment to expand its wealth tax to include digital assets, imposing a flat 1% levy on net wealth over €2 million and taxing crypto holdings even when unrealized. Simultaneously, the right‑wing UDR introduced a bill to create a state‑run Bitcoin reserve of about 420,000 BTC – roughly 2% of the total supply – to be built over seven to eight years using mining, seized coins and other funding streams. The two measures present a paradox: private crypto is treated as unproductive wealth subject to annual valuation, while the state plans to hoard Bitcoin as a sovereign asset. Both proposals are still pending further parliamentary debate, with industry warning that the tax could drive crypto firms abroad and the reserve bill facing uncertain legislative support.