French lawmakers back crypto reporting rule above $112K

France’s National Assembly Finance Committee adopted amendment I-CF821 on Friday. It would require people to report self-custodied crypto holdings worth at least €100,000 ($112,000) and could impose fines of up to €10,000 for failing to comply.

The rule would cover crypto assets held outside crypto-asset service providers, including coins and tokens stored in personal wallets. Holders would report the value of their assets as of Dec. 31 under a new provision in France’s general tax code.

Charles de Courson, Jean-Pierre Bataille and Michel Castellani introduced the amendment. The three lawmakers belong to the Liberties, Independents, Overseas and Territories parliamentary group.

The sponsors linked the proposal to efforts to address tax evasion. A parliamentary inquiry found that crypto capital gains reached €3.5 billion in 2021, while taxpayers declared €400 million in crypto holdings to tax authorities that year.

The wallet disclosure measure was one of five crypto-related amendments adopted by the committee last week. Other amendments would impose an exit tax on cryptocurrency holdings worth more than €800,000 when taxpayers move abroad and end tax deferrals for conversions into fiat-backed stablecoins.

After adopting the amendments, the committee rejected the revenue section of the broader 2027 budget bill by 31 votes to three. The National Assembly is 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 debate before they could become part of French law.