French National Assembly Finance Committee approves proposal on reporting self-custodied crypto assets

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French lawmakers support reporting requirements for crypto wallets holding more than 100000 EUR in crypto assets

According to BlockBeats,October 12, French lawmakers support a proposal that would require individuals holding self-custodied crypto assets valued at or above 100000 EUR(approximately 112000 USD) to report their holdings, with penalties for non-compliance.

The amendment, numbered I-CF821, was approved by the Finance Committee of the French National Assembly last Friday. It would introduce reporting requirements for crypto assets not held through crypto-asset service providers, including assets stored in personal wallets.

The amendment proposes adding relevant provisions to France's General Tax Code. Under the proposal, holders must report the value of relevant assets as of December 31 each year, with a maximum fine of 10000 EUR for failure to report.

The proposal's sponsors stated that the measure is intended to combat tax evasion. Citing a parliamentary inquiry into tax issues involving high-net-worth individuals, they noted that crypto-asset capital gains in France reached 2021 in 3500000000 EUR, while the value of crypto-asset holdings declared to tax authorities that year was only 400000000 EUR.

Original link https://m.theblockbeats.info/flash/371338

Key points

French lawmakers support a proposal requiring individuals holding self-custodied crypto assets valued at or above 100000 EUR to report their holdings.
The amendment is numbered I-CF821 and has been approved by the Finance Committee of the French National Assembly.
The proposal would incorporate the reporting requirement into France's General Tax Code, covering assets in personal wallets.
Holders must report the value of relevant assets as of December 31 each year; failure to report may result in a maximum fine of 10000 EUR.
The proposal's sponsors stated that the measure is intended to combat tax evasion.

AI-assisted interpretation

The following is analysis, separate from reported facts. Verify important claims independently.

This is a tax reporting proposal that remains under consideration, not a law already in force. Under the proposal, holders of self-custodied crypto assets meeting the threshold may need to report the value of their assets annually, and failure to report could result in a fine.

Why it matters to readers

If ultimately implemented, the proposal could increase reporting and compliance burdens for individuals holding substantial self-custodied crypto assets.

Beginners should distinguish between a committee approving a proposal and it formally becoming law: the current materials confirm only the former.

Risks and unknowns

The materials do not confirm that the amendment has been approved by the full French National Assembly.
The materials do not confirm that the amendment has been formally incorporated into the General Tax Code.
The final reporting scope, implementation timeline, and fine details may change.
The materials are based on a BlockBeats report and do not provide French official documents as independent corroboration.

French National Assembly Finance Committee approves proposal on reporting self-custodied crypto assets

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