French lawmakers have approved a proposal requiring holders and legal entities based in France to declare self-custody crypto wallets holding assets worth €100,000 or more, approximately $112,000. The measure forms part of discussions on the 2027 budget.
The National Assembly’s Finance Committee adopted amendment I-CF821 on Friday, which would introduce reporting requirements for crypto that is not held by a crypto-asset service provider, including assets stored in personal wallets.
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Which Wallets Would Be Covered?
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 on October 09, according to the Assembly’s legislative record.
The amendment would add a provision to France’s general tax code. The proposed requirement targets crypto wallets held directly by their owners, rather than assets kept with a crypto service provider.
Holders would be required to disclose holdings based on their value as of December 31, or could face fines up to €10,000 for failure to declare.
The amendment’s explanatory note presents the requirement as an anti-fraud measure. Sponsors pointed to a parliamentary inquiry showing that while crypto capital gains hit €3.5 billion in 2021, only €400 million in crypto holdings were actually declared to tax authorities that year.
Further Approval Needed
Regardless of the Finance Committee adopting the amendment on Friday, it subsequently rejected the budget’s overall revenue section of the broader 2027 budget by 31 votes to 3.
The full Assembly’s debate on the revenue section of the budget is scheduled to begin October 13.
The crypto amendments would be resubmitted and approved during parliamentary debates before becoming law, according to the French tech outlet Clubic.
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