French crypto wallet disclosure rule clears Finance Committee

French crypto wallet disclosure rules advanced on Friday after the National Assembly’s Finance Committee backed a proposal requiring self-custody holders to report assets worth €100,000 or more.

The amendment, numbered I-CF821, was adopted by the National Assembly’s Finance Committee on Friday. It would add a provision to France’s general tax code and cover crypto not held by a crypto-asset service provider, including personal wallets. Holders would report balances based on their value as of Dec. 31 and could face penalties of up to €10,000 for failing to declare.

What the €100,000 crypto wallet disclosure threshold covers

Sponsors Charles de Courson, Jean-Pierre Bataille and Michel Castellani of the LIOT parliamentary group said the measure aims to combat tax evasion. They cited a parliamentary inquiry that found €3.5 billion in crypto capital gains in 2021, while only €400 million in crypto holdings were declared to tax authorities that year.

The rule still faces legislative hurdles. The committee also rejected the revenue section of the broader 2027 budget bill by 31 votes to 3, and lawmakers will debate the government’s original draft starting Tuesday. The crypto amendments would need to be resubmitted and approved before becoming law.