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

What happened

Under the proposal, holders would be required to disclose holdings based on their value as of Dec. The sponsors said the measure was intended to combat tax evasion, citing a parliamentary inquiry into the taxation of wealthy individuals, which found that crypto capital gains reached 3.5 billion euros in 2021, while only 400 million euros in crypto holdings were declared to tax authorities that year.

Proposal faces legislative hurdles The amendment was introduced by Charles de Courson, Jean-Pierre Bataille and Michel Castellani, three members of France’s Liberties, Independents, Overseas and Territories (LIOT) parliamentary group. The wallet (the software or device that holds the keys to someone’s crypto) disclosure measure was among five crypto-related amendments adopted by the Finance Committee last week. 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.

Key facts

• Proposal faces legislative hurdles The amendment was — introduced: by Charles de Courson, Jean-Pierre Bataille and Michel Castellani, three members of France’s Liberties, Independents, Overseas and Territories (LIOT) parliamentary group