French lawmakers back reporting rule for crypto wallets over $112K
Holders could face fines of up to 10,000 euros for failing to declare qualifying assets.
French lawmakers have unanimously approved a proposal requiring holders of self-custodied cryptocurrency assets valued at €100,000 ($112,000) or more to report their holdings. The amendment, numbered I-CF821, was approved by the National Assembly’s Finance Committee on Friday. If enacted, the measure would introduce reporting requirements for cryptocurrencies held outside of crypto-asset service providers, including those in personal wallets.
The proposed amendment would amend France's general tax code, necessitating disclosure of the value of crypto holdings as of December 31, with fines of up to €10,000 for non-compliance. The sponsors of the measure, Charles de Courson, Jean-Pierre Bataille, and Michel Castellani, argue that the proposal aims to combat tax evasion, citing a parliamentary inquiry that found crypto capital gains amounted to €3.5 billion in 2021, while only €400 million in crypto holdings were declared to tax authorities that year.
The wallet disclosure measure is one of five crypto-related amendments adopted by the Finance Committee in recent weeks, including proposals for an exit tax on cryptocurrency holdings exceeding €800,000 when taxpayers move abroad and ending tax deferrals on conversions into fiat-backed stablecoins. Despite the Finance Committee's approval, the revenue section of the broader 2027 budget bill was rejected by the National Assembly in a 31-3 vote.
The crypto amendments must be re-submitted and approved during the parliamentary proceedings before becoming part of the legislation.
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