France Proposes Mandatory Declaration of Crypto Assets Over €100,000, With Fines Up to €10,000 for Non-Compliance
Odaily News: The Finance Committee of the French National Assembly has passed an amendment that would require the declaration of self-custodial wallet crypto assets valued at or above €100,000 (approximately $112,000) at year-end, with non-declarers facing fines of up to €10,000 (approximately $11,000). The rule has not yet become law and may still be subject to changes.
Harry Halpin, CEO of privacy infrastructure company Nym, stated that French tax authorities are suspected of selling taxpayer data to criminals, and the new declaration requirement could threaten the safety of asset holders. Rand Hindi, founder of privacy protocol Zama, called on French crypto asset holders to leave France, and those unable to leave should hire security for their families.
The proposal comes amid a series of crypto-related robberies, kidnappings, and "wrench attacks" that have occurred in France in recent years. The committee had also passed measures treating crypto-to-stablecoin conversions as taxable sales and expanding the scope of crypto exit taxes, but the budget revenue portion was subsequently rejected by a vote of 31 to 3, and the related amendments will need to be resubmitted. (Decrypt)

