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French legislative committee backs mandatory disclosure for crypto wallets over €100,000

A French committee has approved a measure requiring crypto holders with €100,000 or more in self-custody wallets to file annual declarations or face fines of up to €10,000.

French national flag flying atop the dome of a historic government building against a blue sky.
Image: @CoinMarketCap

French lawmakers are moving toward increased scrutiny of unhosted digital asset holdings. A French National Assembly finance committee approved proposal I-CF821, an amendment requiring holders of self-custody crypto wallets valued at €100,000 or more to report their holdings annually, according to reports from CoinMarketCap, CoinGape, and Analytics Insight.[1][2][3]

Under the terms of the proposal, qualifying asset thresholds would be calculated using valuations recorded on December 31, CoinGape reported. Crypto holders who fail to comply with the proposed declaration requirement would face fines of up to €10,000.[1][2][3]

The measure is not yet final. Analytics Insight noted that the proposal still requires full parliamentary approval before it can be enacted into French law.[3]

Key facts

  • France's finance committee approved proposal I-CF821, requiring holders of self-custody crypto wallets worth €100,000 or more to declare their assets annually.
  • Failure to report qualifying self-custody holdings carries proposed fines of up to €10,000.
  • Qualifying crypto holdings under proposal I-CF821 would be evaluated based on December 31 values.
  • The disclosure requirement still requires parliamentary approval before becoming law.

Sources · 3 sources

  1. CO

    CoinGape@CoinGapeMediaPost on X ·

    🚨 🇫🇷 COULD FRANCE REQUIRE ANNUAL DISCLOSURES FOR SELF-CUSTODY CRYPTO WALLETS WORTH €100K+? France’s finance committee has approved proposal I-CF821, which would calculate qualifying crypto holdings based on December 31 values and introduce proposed fines of up to €10,000. Will this proposal bring stricter reporting requirements for French crypto holders? 🔗Know More in the comments.

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  2. CO

    CoinMarketCap@CoinMarketCapPost on X ·

    ICYMI: 🇫🇷 A French National Assembly committee adopted an amendment requiring self-custody wallet holders to declare crypto worth €100,000 or more, with fines up to €10,000 for non-compliance. https://t.co/QAf14CgtN8

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  3. AI

    Analytics Insight@analyticsinmePost on X ·

    𝗙𝗿𝗮𝗻𝗰𝗲 𝗕𝗮𝗰𝗸𝘀 𝗘𝗨𝗥 𝟭𝟬𝗞 𝗙𝗶𝗻𝗲𝘀 𝗳𝗼𝗿 𝗨𝗻𝗿𝗲𝗽𝗼𝗿𝘁𝗲𝗱 𝗖𝗿𝘆𝗽𝘁𝗼 𝗪𝗮𝗹𝗹𝗲𝘁𝘀 𝗪𝗼𝗿𝘁𝗵 𝗢𝘃𝗲𝗿 𝗘𝗨𝗥 𝟭𝟬𝟬𝗞 France is tightening its focus on crypto tax reporting! Lawmakers have backed a proposal requiring holders of €100,000 or more in self-custody crypto assets to declare their holdings annually or face fines of up to €10,000. The proposal still needs parliamentary approval before becoming law. #FranceCrypto #CryptoRegulation #CryptoTax #SelfCustody #CryptoNews #AnalyticsInsight #AnalyticsInsightMagazine Read More 👇 https://t.co/hCuXoZ9RZc

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