Key points
- An NFT is a unique crypto-asset, not interchangeable with another.
- The European MiCA Regulation excludes from its scope crypto-assets that are unique and non-fungible (Article 2(3)).
- Since 1 July 2026, Article 150 VH bis of the French Tax Code (CGI) only covers crypto-assets subject to MiCA.
- A truly unique NFT falls outside this regime: since 1 January 2026, its capital gains follow the regime of the assets it represents (Article 150 VH ter of the CGI).
- Conversely, an NFT issued in a large series or fractionalised may be regarded as fungible.
What is an NFT?
An NFT (non-fungible token, jeton non fongible in French) is a token recorded on a blockchain that is not interchangeable with another. It most often represents a digital work, a collectible, an access right or an asset. Its value lies in its own characteristics, not in a market price shared by identical units.
This uniqueness has a direct legal consequence. The applicable regime depends on how the token is classified, not merely on its commercial name. A project marketed as an “NFT” may in fact fall under another regime.
What the European MiCA Regulation says about NFTs
Regulation (EU) 2023/1114 of 31 May 2023 on markets in crypto-assets (MiCA) governs the issuance of crypto-assets and services relating to them. Article 2(3) provides that it does not apply to crypto-assets that are unique and not fungible with other crypto-assets.
Recitals 10 and 11 of the Regulation clarify the scope of this exclusion. It covers, in particular, digital art and digital collectibles. However, fractional parts of a unique crypto-asset are not considered unique. Issuance in a large series or as a collection is an indicator of fungibility. Finally, the assignment of a unique identifier is not, in itself, sufficient to make a crypto-asset unique and non-fungible.
How are NFT capital gains taxed in France since 1 July 2026?
Article 150 VH bis of the French Tax Code (Code général des impôts) (in French), in the version in force since 1 July 2026, subjects to income tax the capital gains made by individuals tax-resident in France on the disposal for consideration of crypto-assets subject to the MiCA Regulation, or of rights relating to them. The French Monetary and Financial Code (Code monétaire et financier) uses the same definition of crypto-assets (Article L. 54-10-1 (in French)).
- Exchanges without a cash adjustment between crypto-assets within this scope are not taxed in the year of the exchange.
- Persons whose total disposal proceeds do not exceed €305 over the year are exempt.
- The capital gain is calculated on the basis of the total acquisition price of the whole portfolio, using the formula set out in the article.
This regime expressly covers crypto-assets subject to MiCA. A truly unique and non-fungible NFT, excluded from the scope of the Regulation, therefore does not fall within Article 150 VH bis. For such tokens, Article 150 VH ter of the French Tax Code (CGI) (in French), introduced by Law No. 2026-534 of 25 June 2026, provides that their capital gains are taxed under the regime applicable to the assets or rights they represent, for disposals made from 1 January 2026. Article 150 VI applies where the NFT represents one of the assets it covers. Conversely, a token issued in a large series or fractionalised may be regarded as fungible: it then falls under MiCA, and therefore under Article 150 VH bis.
How to secure your position
The applicable regime therefore depends on what the token represents, but also on the context of the transaction (occasional buying and selling or habitual activity) and on the status of the seller: Article 150 VH ter reserves the rules specific to business profits. Keep the supporting documents for acquisitions and disposals, and document the characteristics of the token (uniqueness, series, fractionalisation).
For other crypto-assets, see our guide to crypto taxation in 2026. Our crypto-asset lawyer in Paris helps you classify your tokens and secure your tax returns.
Every situation is different: the information on this page is general and does not replace legal advice tailored to your case. The firm makes no promise of outcome; it commits to the means it deploys.
