French Lawmakers Back Crypto Wallet Reporting Rule Above €100K
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Written by: Felix Ng, staff editor
Edited by: Yohan Yun, staff editor
French lawmakers have backed a proposal that would require holders of self-custodied crypto assets to report holdings equal or above €100,000 ($112,000) and face penalties of up to €10,000 for non-compliance.
The amendment (I-CF821), adopted by the National Assembly’s Finance Committee on Friday, would introduce reporting requirements for crypto not held by a crypto-asset service provider, including assets in personal wallets. It aims to combat tax evasion, as revealed by a parliamentary inquiry showing €3.5 billion in crypto capital gains in 2021, with only €400 million declared to tax authorities.
Key Takeaways:
- The proposal faces legislative hurdles before becoming law.
- Other crypto-related amendments were also adopted, including measures to impose an exit tax on foreign cryptocurrency holders and end tax deferrals on conversions into fiat-backed stablecoins.
- Lawmakers will debate the revenue section of the 2027 budget bill starting Tuesday.