French National Assembly Mandates Disclosure of Self-Hosted Crypto Wallets
- The French National Assembly passed a bill requiring users to report self-hosted wallets holding over €5,000.
- The DGFIP, France’s tax watchdog, warns that such data could make users prime targets for hackers.
- Gregory Raymond predicts the rule may fail due to government opposition.
- Deputy Daniel Labaronne opposed the article, citing verification challenges similar to assessing private ownership of physical assets.
- Despite the DGFIP’s concerns about database security risks, the motion to suppress the article was defeated.
France is taking steps to increase oversight on cryptocurrency funds held in self-custody as part of anti-fraud measures. This move has sparked debate over privacy and security implications for crypto holders.
The mandate requires disclosure of funds in wallets like Metamask and Ledger if they exceed €5,000, despite significant opposition from government officials and concerns about potential hacking risks. (Source)
