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

Holders could face fines of up to 10,000 euros for failing to declare qualifying assets. 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. The amendment, numbered I-CF821, was adopted by the National Assembly’s Finance Committee on Friday, and would introduce reporting requirements for crypto that isn’t held by a crypto-asset service provider, including assets stored in personal wallets. The amendment would add a provision to France’s general tax code.