French lawmakers on the National Assembly's Finance Committee voted to require holders of self-custodied crypto worth 100,000 euros or more to declare it, risking fines up to 10,000 euros.
Key Points:
- A French parliamentary panel backed mandatory tax reporting for crypto wallets held outside licensed providers.
- Holders who fail to declare qualifying assets could face fines of up to 10,000 euros.
- The measure needs a fresh vote after the panel rejected the budget's entire revenue section.
Crypto Wallet Declaration
The committee adopted amendment I-CF821 on Friday, Oct. 9, adding a reporting duty to France's general tax code for crypto kept outside licensed service providers, including coins stored in personal wallets. Holders would value their balances as of Dec. 31, and the threshold equals about $112,000.
Charles de Courson, Jean-Pierre Bataille and Michel Castellani, three deputies from the Liberties, Independents, Overseas and Territories group, filed the measure as a tool against tax evasion. They cited a parliamentary inquiry into the taxation of the wealthiest households, which found that crypto capital gains reached 3.5 billion euros in 2021. Only 400 million euros in crypto holdings were declared to tax authorities that year.
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Juvin, Sansu Reactions
Rapporteur general Philippe Juvin praised the proposal as wise during Friday's debate. Communist deputy Nicolas Sansu also said he would vote for it, though he called the 100,000-euro threshold "high" and argued that lawmakers had to start somewhere.
Personal safety never came up.
That gap alarms France's crypto community, which has watched a wave of violent kidnappings target people who keep coins in wallets they control themselves, and critics fear a tax registry of large holders could leak. A tax agent in Bobigny was reportedly jailed in 2025 after searching tax software on behalf of someone who was targeting crypto investors.
Crypto Budget Vote
The wallet rule was one of five crypto amendments the panel approved last week, alongside an exit tax on holdings above 800,000 euros, a tax on swaps from crypto into stablecoins and higher fines for platforms that withhold documents.
Hours after the wallet vote, the committee rejected the budget's revenue section 31-3. Debate in the full chamber begins Tuesday from the government's original draft, so every crypto amendment needs a new vote before a final revenue vote on Oct. 20 and a Dec. 10 deadline for the full budget.
Lawmakers first backed a wallet rule with a 5,000-euro threshold as part of an anti-fraud plan, but a joint committee of deputies and senators dropped it in April, leaving the new threshold 20 times higher. Deputies also rejected last year's revenue section 404-1 in November, and Prime Minister Sébastien Lecornu later forced the 2026 budget through on Feb. 2 with Article 49.3, which lets the government pick which amendments survive.
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