France slashes FDI threshold to 10%, crypto firms in scope

What's new with this August 2026 decree is the expansion. The 10% threshold now applies more broadly, including to firms listed on foreign exchanges. The list of what counts as "sensitive" has also been beefed up considerably.

The sectors requiring authorization now explicitly include cryptology, cybersecurity, artificial intelligence, semiconductors, quantum technologies, dual-use goods, and critical R&D activities.

One important distinction: these new rules primarily target non-European investors. EU and European Economic Area investors face different, generally less restrictive thresholds. This decree does not change the existing thresholds for EU/EEA investors or non-sensitive sectors.

A 10% threshold is remarkably low. In venture capital and growth equity, a 10% stake is a routine investment size, not a controlling position. By setting the bar this low, France is essentially requiring government approval for what many investors would consider a minority, non-controlling position.

Authorization requests for sensitive investments are handled by the Economy Ministry, with fast-tracked reviews available within 10 business days.

The firms most likely to feel the impact are mid-stage crypto companies in France that rely on global capital markets for growth funding. Early-stage startups raising small rounds may stay below the 10% threshold per investor. It's the companies in between – the ones raising tens of millions from a concentrated group of international investors – that will need to factor this new screening into their capital strategies.