French lawmakers back reporting rule for crypto wallets over $112K

Holders could face fines of up to 10,000 euros for failing to declare qualifying assets.

French lawmakers have backed a proposal that would require holders of self-custodied crypto assets to report holdings equal or above 100,000 euros ($112,000) or face penalties. 

The amendment, numbered I-CF821, was adopted by the National Assembly’s Finance Committee on Friday, and would introduce reporting requirements for crypto that isn’t held by a crypto-asset service provider, including assets stored in personal wallets.

The amendment would add a provision to France’s general tax code. Under the proposal, holders would be required to disclose holdings based on their value as of Dec. 31, and could face fines up to 10,000 euros for failing to declare. 

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