Fashion capital France wants to tax Bitcoin as a luxury item

This week, French Senator Sylvie Vermeillet presented a proposal that classifies Bitcoin and other digital assets as “unproductive” and suggests that they be taxed in the same way as luxury items or vacant property. The bill, part of the 2025 budget, foresees the application of taxes on unrealized gains that exceed €800,000.

This is quite curious, given that France holds a prominent position in the global luxury fashion market. The country is home to some of the largest conglomerates in the sector, such as LVMH, Kering, L’Oréal and Hermès. These companies represent almost a quarter of the total sales of the 100 largest luxury companies in the world, according to a ranking by the consultancy Deloitte.