French MPs back crypto wallet reporting proposal, holdings over €100,000 may face fines

Odaily reported: The Finance Committee of the French National Assembly has passed amendment No. I-CF821, which would require holders of self-custodied crypto assets worth €100,000 (about $112,000) or more to declare their holdings.

The declared value would be based on December 31 of each year, and those who fail to declare as required could face fines of up to €10,000. The proposal was put forward by Charles de Courson, Jean-Pierre Bataille, and Michel Castellani, aiming to combat tax evasion.

The amendment still needs to be resubmitted and approved when the National Assembly reviews the revenue portion of the budget before it can be incorporated into French law. After the Finance Committee passed the relevant amendment, it rejected the revenue portion of the 2027 budget by a vote of 31 to 3, and lawmakers are expected to begin debate on Tuesday starting from the government's original draft. (Cointelegraph)