France Proposes Mandatory Reporting for Crypto Holdings Over €100K
- French lawmakers have backed an amendment requiring holders of self-custodied crypto assets to report holdings above €100,000 ($112,000).
- The proposal, known as amendment I-CF821, was adopted by the National Assembly’s Finance Committee.
- Holders must disclose their crypto asset values as of December 31 and could face fines up to €10,000 for non-compliance.
- In a parliamentary inquiry, it was revealed that crypto capital gains reached €3.5 billion in one year, with only €400 million declared.
- Other proposed amendments include an exit tax on holdings over €800,000 for taxpayers moving abroad.
The measure aims to combat tax evasion in the cryptocurrency sector amid concerns about undeclared holdings and significant capital gains reported in recent years. The Finance Committee also rejected the revenue section of the broader budget bill by a vote of 31 to 3.
If passed, this reporting requirement would significantly impact how individuals manage their wallets and declare their assets in France.(Source)
