French lawmakers support regulations requiring the declaration of cryptocurrency wallets worth over $112,000

If holders fail to declare assets that meet the criteria, they may face a fine of up to 10,000 euros.

French lawmakers have supported a proposal that requires those holding self-managed crypto assets amounting to or exceeding 100,000 euros (112,000 US dollars) to declare them, otherwise they will face penalties.

This amendment, numbered I-CF821, was passed by the Finance Committee of the French National Assembly last Friday. The amendment will introduce reporting requirements for crypto assets that are not held by crypto asset service providers, including those stored in personal wallets.

This amendment will add a new clause to France's "General Tax Code." According to the proposal, holders will be required to declare based on the value of their assets as of December 31 each year; failure to declare may result in a fine of up to 10,000 euros.

The proposer stated that this measure is aimed at combating tax evasion. They cited a parliamentary investigation on tax issues concerning wealthy individuals, which indicated that in 2021, capital gains from crypto assets amounted to 3.5 billion euros, while the amount of crypto asset holdings declared to tax authorities that year was only 400 million euros.

Proposals still face legislative obstacles

This amendment was proposed by three members of the French parliamentary group "Liberté, Indépendance, Outre-Mers et Territoires" ( LIOT ), namely Charles , de , Courson , Jean - Pierre Bataille , and Michel Castellani .

This wallet declaration measure is one of the five amendments related to crypto assets that were passed by the Finance Committee last week.

Cointelegraph Other proposals previously reported include: imposing a departure tax on cryptocurrency holdings exceeding 800,000 euros when taxpayers move overseas, as well as abolishing the deferred taxation arrangements for converting crypto assets into fiat-backed stablecoins.

However, although the Finance Committee passed these amendments last Friday, it subsequently voted 31 to 3 against the fiscal revenue portion of the broader 2027 budget bill.

Members of parliament are scheduled to begin reviewing the fiscal revenue section of the budget bill in the National Assembly on Tuesday, starting with the draft initially submitted by the government.

According to French technology media Clubic, these amendments related to crypto assets must be submitted again during the parliamentary review process and approved before they can become part of the legislation.