法国提案：持有超11.2万美元加密钱包将面临新规

French proposal: Crypto-wallets holding more than 100,000 euros will face new disclosure requirements

A proposed measure would require investors holding more than approximately 100,000 euros (approximately US$112,000) of self-custodial assets to disclose, and violators could face fines of up to 10,000 euros. French lawmakers have voted in support of the new reporting requirement for crypto holders of large self-custodial balances.

Under the proposal, the rules will apply to personal wallets holding assets exceeding approximately 100,000 euros. Individuals who fail to disclose their qualifying holdings may face fines of up to € 10,000. The measure specifically targets "self-custodial" cryptocurrencies, i.e. assets where the holder directly controls the private key and are held outside an exchange or regulated custodian.

Filling the regulatory gap

Self-hosting has long been in a regulatory gray area in most parts of the EU. In many jurisdictions, centralized exchanges have reported customer positions to tax authorities. However, wallets directly controlled by individuals and without intermediaries have been difficult for the government to effectively track or tax.

This French proposal aims to fill this gap. By setting thresholds and requiring disclosure, authorities will gain visibility into large positions that are not currently included in standard reporting channels. Popular supporters of such rules believe they help improve tax compliance and reduce the use of cryptocurrencies to hide wealth.

Other critics of similar proposals have raised concerns about privacy and the feasibility of law enforcement. Self-managed wallets are difficult to monitor by design unless there are voluntary disclosures or external tracking tools. Verification of compliance may require the cooperation of taxpayers themselves, supplemented by blockchain analysis when authorities deem it necessary.

Beyond the EU MiCA Framework

France has been an active participant in EU crypto regulatory discussions, including the EU Cryptographic Asset Markets (MiCA) Framework. The regulation mainly regulates service providers such as exchanges and custodians, rather than personal wallet holders. Domestic reporting rules for self-custodial assets would allow France to regulate beyond what is currently covered by EU-level MiCA.

This measure still needs to go through further legislative procedures before becoming law. Lawmakers 'support represents an early but important step in the process, demonstrating political interest in strengthening regulation of external custody wallets. Currently, public reports have not detailed the specific mechanism for reporting, such as whether disclosure is made annually or linked to specific transactions.

Market Impact and Outlook

This reporting order mainly affects individual holders in France with large self-custodial balances, rather than directly affecting exchanges or trading platforms. It could affect the way large French holders store assets, prompting some balances to be diverted to custody services that already have reporting obligations.

From a broader perspective, the proposal reflects a trend among European governments seeking to increase visibility into crypto wealth held outside regulated intermediaries. As positions grow and diversify, tax authorities in EU member states are increasingly paying attention to crypto wealth. If the proposal is passed, it could spark discussion in other EU countries, especially as MiCA continues to be implemented across the EU, whether similar wallet disclosure thresholds should be adopted.

Although the proposal is still in the early legislative stages, French lawmakers 'support demonstrates the government's growing interest in placing self-custodial cryptocurrencies under stricter tax and reporting regulations.

FAQs

What wallet balance triggers reporting requirements?

The proposal applies to crypto-wallets holding more than approximately 100,000 euros (approximately US$112,000 at current exchange rates).

What penalties will apply for failure to disclose eligible wallets?

It is reported that the maximum fine for individuals who fail to disclose positions exceeding the threshold is 10,000 euros.

Does this rule apply to cryptocurrencies stored on exchanges?

This measure targets self-custodial positions, where individuals control their own private keys, rather than assets held through exchanges or custodians.

Has the proposal become law?

French lawmakers have supported the measure, but it still needs further legislative steps before it can take effect.