French committee approves amendment requiring declarations of self-custodied crypto assets; not yet law
BIBIBI
AT A GLANCE
A French committee approved an amendment requiring crypto asset declarations, but it has not yet become law and has raised privacy and personal safety concerns.
Article
【France proposes requiring declarations of 100000 EUR or more in crypto assets, with violations carrying fines of up to 10000 EUR】
The Finance Committee of the French National Assembly has approved an amendment proposing that crypto assets held in self-custody wallets with an end-of-year value reaching or exceeding 100000 EUR(approximately 112000 USD) be declared, with non-declarants facing fines of up to 10000 EUR(approximately 11000 USD). The provision has not yet become law and may still be revised. Harry Halpin of privacy infrastructure company Nym CEO said that French tax officials were allegedly selling taxpayer data to criminals, and that the new declaration requirement could threaten holders' security. Rand Hindi, founder of privacy protocol Zama, called on French crypto asset holders to leave France; those unable to leave should hire security for their families. The proposal comes as France has experienced multiple crypto asset robberies, kidnappings, and “wrench attacks” in recent years. The committee also approved measures to treat exchanging crypto assets for stablecoins as taxable sales and to expand the scope of the crypto asset exit tax, among others, but the budget revenue section was subsequently rejected by a vote of 31 to 3 and the related amendments must be resubmitted.
Key points
01
The Finance Committee of the French National Assembly has approved an amendment.
02
The amendment proposes requiring declarations of self-custodied crypto assets with an end-of-year value reaching or exceeding 100000 EUR in self-custody wallets.
03
Non-declarants could face fines of up to 10000 EUR in fines.
04
The provision has not yet become law and may still be revised.
05
Nym CEO Harry Halpin said that French tax officials were allegedly selling taxpayer data to criminals, adding that the new declaration requirement could threaten holders' security.
06
Rand Hindi, founder of Zama, called on French crypto asset holders to leave France; those unable to leave should hire security for their families.
07
The original article states that France has experienced multiple crypto asset robberies, kidnappings, and “wrench attacks” in recent years.
08
The committee also approved measures to treat exchanging crypto assets for stablecoins as taxable sales and to expand the scope of the crypto asset exit tax.
09
The budget revenue section was subsequently rejected by a vote of 31 to 3 and the related amendments must be resubmitted.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
The proposal targets crypto assets held in self-custody wallets whose end-of-year value reaches the threshold, requiring holders to declare them and establishing fines for non-declaration. It is currently only an amendment approved by a committee, not a law that has already taken effect. The original article also records industry concerns that declaration information could lead to privacy leaks and personal safety risks.
Why it matters to readers
If the provision ultimately becomes law, French holders of self-custodied crypto assets that meet the declaration threshold may have to assume new declaration obligations; whether disclosing asset information would increase privacy and security risks has also become a point of contention.
New crypto asset holders need to distinguish between “a committee approving an amendment” and “a law taking effect”: the original article explicitly states that the provision has not yet become law. If you are in France and use a self-custody wallet, monitor subsequent deliberations and the final rules rather than treating the current proposal as an already implemented requirement.
Risks and unknowns
The original text does not provide the amendment number, full text, or official documents, so the scope of the filing, valuation method, and implementation details cannot be confirmed.
The amendment may still be revised or may fail to become law.
Harry Halpin's statement that French tax authorities' personnel sold taxpayer data constitutes an alleged accusation; the original text provides no evidence.
Related Developments
Loading event timeline…
It cannot yet be confirmed whether the new filing requirements would actually create security risks for holders.
The original text does not identify the specific cases or data sources underlying the reported robberies, kidnappings, and “wrench attacks.”
The final outcome of the relevant amendments that were rejected and must be resubmitted is unknown.
Related concepts
Self-Custody Wallet
This term is not in the glossary yet. Browse related concepts in the glossary.
