French Assembly's Finance Committee says "déclare or else" to wallets holding €100K+ 💶

French lawmakers have advanced a proposal that would compel holders of self-custodied crypto assets to disclose balances of 100,000 euros (about $112,000) or more, with non-compliance punishable by fines of up to 10,000 euros. Amendment I-CF821, adopted by the National Assembly's Finance Committee on Friday, would insert the reporting obligation into France's general tax code and cover crypto held outside crypto-asset service providers, including assets in personal wallets. Disclosures would be based on values recorded on Dec. 31 of each year.

The amendment was introduced by Charles de Courson, Jean-Pierre Bataille and Michel Castellani, three members of the Liberties, Independents, Overseas and Territories (LIOT) parliamentary group. Sponsors said the measure was aimed at combating tax evasion, citing a parliamentary inquiry into the taxation of wealthy individuals that found crypto capital gains reached 3.5 billion euros in 2021 while only 400 million euros in crypto holdings were declared to tax authorities that year.

The wallet disclosure rule was one of five crypto-related amendments the Finance Committee adopted last week. Others previously reported by Cointelegraph included an exit tax on crypto holdings exceeding 800,000 euros when taxpayers move abroad and an end to tax deferrals on conversions into fiat-backed stablecoins. The committee also backed a stablecoin swap tax as part of the 2027 budget bill.

Despite the Friday votes, the Finance Committee subsequently rejected the revenue section of the broader 2027 budget bill by 31 votes to 3, according to Clubic. Lawmakers are scheduled to begin debating the revenue section in the National Assembly on Tuesday, starting from the government's original draft. The crypto amendments would need to be resubmitted and approved again during parliamentary proceedings before becoming part of the legislation.