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ETH French lawmakers push amendment to cryptocurrency asset declaration
The French legislature has passed an amendment requiring citizens holding self-custodial crypto assets worth 100,000 euros (approximately US$112,000) or more to declare these assets to tax authorities or face fines of up to 10,000 euros.
New tax measures focus on self-custody crypto assets
Amendment number I-CF821 passed by the Finance Committee of the National Assembly mainly targets digital assets that are not managed by crypto asset service providers. According to the proposal, disclosure must be made if the value of crypto assets held in an individual's wallet meets or exceeds a specified threshold.
If this measure becomes law, French residents will be required to declare the total value of their self-held cryptocurrencies on December 31 every year. Non-compliance can face penalties of up to 10,000 euros.
The amendment's sponsors, Charles de Courson, Jean-Pierre Bataille and Michel Castellani from the Liberty, Independent, Overseas and Territories Group (LIOT), believe that these requirements are crucial to combating tax evasion related to undeclared digital assets held abroad or on unregulated platforms.
A parliamentary survey showed that crypto capital gains reached 3.5 billion euros in 2021, but the declared amount was only 400 million euros, highlighting the huge gap between the actual holdings and the declared amount.
The amendment aims to close this loophole, supporting investigations that suggest significant underreporting by wealthy investors who use self-managed wallets to circumvent the current reporting framework.
Further proposals and parliamentary procedures
In addition to the main amendments, lawmakers have also introduced measures, such as: paying a departure tax if you hold more than 800,000 euros in cryptocurrency and move overseas; and removing tax deferral benefits when converting cryptocurrencies into fiat-backed stablecoins.
Although the Finance Committee approved the proposals, it subsequently rejected the revenue component of the broader 2027 budget bill by a 31 - 3 vote. This means that the proposed amendments, including cryptocurrency reporting requirements, still require further parliamentary approval before they can take effect.
The National Assembly will debate the revenue portion of the budget starting from the original government draft. Lawmakers must submit and pass cryptocurrency-related amendments during this process to make them law.
The importance of monitoring investor activities
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