France Proposes Annual Disclosure for Crypto Wallets Worth €100,000

France’s National Assembly Finance Committee has backed a proposal requiring individuals to declare self-custodied cryptocurrency holdings worth at least €100,000, approximately $112,000. The amendment, adopted on October 9, would impose fines of up to €10,000 for failing to report qualifying assets. Holders would calculate their crypto holdings using their value on December 31 each year.

The proposal targets cryptocurrencies stored in personal wallets outside regulated crypto-asset service providers. Its sponsors say the measure would help address tax evasion by improving visibility into assets that remain outside traditional financial institutions’ reporting systems. They cited a parliamentary inquiry that estimated realized cryptocurrency capital gains reached €3.5 billion in 2021, while taxpayers declared €400 million in crypto holdings that year. These figures measure different categories of crypto activity.

However, the proposal has not become law. The Finance Committee subsequently rejected the revenue section of France’s proposed 2027 budget, meaning the crypto amendments must be reconsidered during parliamentary proceedings. Lawmakers are scheduled to begin debating the revenue section on October 13. The disclosure requirement would need further approval before taking effect.