French lawmakers have backed a proposal that would require people in France to report certain cryptocurrency holdings kept in personal wallets. The measure would apply when the value of self-custodied assets reaches at least €100,000 ($112,000), with penalties of up to €10,000 for failing to comply.
The proposal, amendment I-CF821, was adopted by the National Assembly’s Finance Committee on Friday, according to Cointelegraph. It would add a new provision to France’s general tax code covering crypto assets that are not held through a crypto-asset service provider, including digital assets stored in wallets controlled directly by their owners.
How the proposed reporting rule would work
Under the amendment, qualifying holdings would be assessed according to their value on Dec. 31. Holders whose self-custodied crypto met or exceeded the €100,000 threshold would have to disclose the assets to French tax authorities.
Self-custody means that an individual, rather than an exchange or another crypto-asset service provider, controls the wallet and its private keys. The proposed rule would therefore extend reporting obligations to assets held outside the platforms that are typically covered by existing financial and tax reporting systems.
The lawmakers behind the amendment said its purpose is to fight tax evasion. They referred to findings from a parliamentary inquiry into the taxation of wealthy individuals. That inquiry estimated that crypto capital gains reached €3.5 billion in 2021, while only €400 million in crypto holdings were declared to tax authorities during the same year.
Proposal still faces further votes
The amendment was introduced by Charles de Courson, Jean-Pierre Bataille and Michel Castellani, who belong to the Liberties, Independents, Overseas and Territories (LIOT) parliamentary group.
It was one of five crypto-related amendments adopted by the Finance Committee last week. Other proposals previously reported by Cointelegraph include an exit tax on cryptocurrency holdings above €800,000 when taxpayers move abroad, as well as a proposal to end tax deferrals for conversions into fiat-backed stablecoins.
Committee approval does not make the wallet rule law. The Finance Committee later rejected the revenue section of the wider 2027 budget bill by 31 votes to 3. National Assembly lawmakers are scheduled to begin debating that section on Tuesday, starting with the government’s original draft.
The crypto amendments would need to be submitted again and approved during the parliamentary process before they could become part of the legislation, according to French technology publication Clubic.
Moneyiar market picture
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