French lawmakers support declaration requirements for crypto wallets holding over €100,000.

BlockBeats news, October 12: French lawmakers have backed a proposal that would require individuals holding self-custodied crypto assets worth €100,000 (approximately $112,000) or more to declare their holdings, with penalties for non-compliance.

The amendment, numbered I-CF821, was passed by the French National Assembly's Finance Committee last Friday and would introduce a declaration requirement for crypto assets not held through crypto asset service providers, including assets stored in personal wallets.

The amendment seeks to add relevant provisions to France's General Tax Code. Under the proposal, holders would be required to declare the value of the relevant assets as of December 31 each year, and those who fail to declare could face fines of up to €10,000.

The proposal's sponsors said the measure is aimed at combating tax evasion. Citing a parliamentary investigation into the tax issues of high-net-worth individuals, they noted that France's crypto asset capital gains reached €3.5 billion in 2021, but the value of crypto asset holdings declared to tax authorities that year was only €400 million.