BTC $83,324 
ETH $2,498 
USDT $0.9992 
BNB $738.11 
XRP $1.36 
USDC $0.9998 
SOL $106.24 
TRX $0.3287 
FIGR_HELOC $1.07 
ZEC $1,187 French lawmakers back reporting rule for crypto wallets over $112K
France's Finance Committee adopted amendment I‑CF821, requiring self‑custody crypto wallets worth €100,000 or more to be declared, with fines up to €10,000.
Key takeaways
- Reporting threshold. Wallets holding €100,000 or more must be declared.
- Potential fine. Failure to report can result in a fine of up to €10,000.
- 2021 gains. Crypto capital gains were reported at €3.5 billion in 2021.
What happened
Lawmakers in France have advanced a proposal that will require crypto holders to report holdings equal to or above €100,000 ($112,000). The French National Assembly's Finance Committee adopted the amendment I-CF821 on Friday, which would introduce reporting requirements for crypto assets held in a self‑custody wallet. Holders could face fines of up to 10,000 euros for failing to declare qualifying assets. The proposal bases the valuation on the value as of Dec. 31.
Why it matters
The sponsors say the measure aims to combat tax evasion. A parliamentary inquiry found crypto capital gains reached 3.5 billion euros in 2021, while only 400 million euros in crypto holdings were declared to tax authorities that year. The rule also follows a rise in high‑profile crypto robberies in France, raising security concerns among holders.
Background
- France has emerged as a hotspot for crypto robberies in recent years.
What is still unclear
- The proposed rule is not law yet and is subject to change.
Questions readers ask
What crypto holdings must be reported in France?
Self‑custodied wallets holding €100,000 ($112,000) or more at the end of the calendar year must be declared, or the holder may face a fine of up to €10,000.
When could the reporting rule become law?
The amendment is currently a proposal, it must pass additional parliamentary votes before it can be enacted.
What penalties apply for not reporting?
Non‑compliance can result in fines of up to 10,000 euros, as stated in both the Decrypt and Cointelegraph reports.
