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FollowingFrench lawmakers support a declaration proposal for holders of self-custodial crypto assets
French lawmakers have passed a proposal requiring investors holding self-custodial crypto assets to declare assets with a value equal to or more than 100,000 euros (approximately 112,000 US dollars), or face penalties. The amendment, numbered I-CF821, was passed by the Finance Committee of the National Assembly on Friday and aims to introduce reporting requirements for cryptocurrencies held by non-crypto asset service providers, including assets stored in personal wallets.
Under the proposal, the amendment would add a provision to the French general tax code. Holders are required to disclose based on the value of assets as of December 31. Failure to declare can be fined up to 10,000 euros. The sponsors of the proposal said the move was aimed at cracking down on tax evasion. They cited a parliamentary investigation report on the taxation of the rich, which showed that cryptocurrency capital gains reached 3.5 billion euros in 2021, while the amount of cryptocurrency holdings declared to tax authorities that year was only 400 million euros.
Proposal faces legislative obstacles
The amendment was proposed by three members of the French Liberties, Independence, Overseas Departments and Territories (LIOT) Parliamentary Group-Charles de Courzon, Jean-Pierre Batteye and Michel Castellani. Last week, the wallet disclosure measure was one of five crypto-related amendments passed by the Finance Committee.
Other proposals previously reported include imposing a departure tax on more than 800,000 euros in cryptocurrencies held by taxpayers when migrating abroad, and removing tax deferral benefits when converted to fiat currencies and stablecoins. However, although the Finance Committee approved the amendments on Friday, it subsequently rejected the revenue portion of the broader 2027 budget bill by a 31 - 3 vote.
Lawmakers are scheduled to begin debating the revenue portion of the budget in the National Assembly on Tuesday, starting with the government's original draft, French technology publication Clubic reported. Before becoming part of the law, the encryption amendment needs to be submitted again and approved in parliamentary proceedings.
