French lawmakers on the National Assembly’s Finance Committee have backed a proposal that would require people to report self-custodied crypto holdings worth 100,000 euros or more. The threshold is about $112,000 at current exchange rates. The amendment, numbered I-CF821, was adopted on Friday. It targets crypto not held by a crypto-asset service provider, so assets in personal wallets would fall under the rule.
If it becomes law, holders would need to disclose the value of those assets as of Dec. 31. Failing to declare could lead to fines of up to 10,000 euros.
Why sponsors want the rule
The sponsors say the measure is about tax evasion. They point to a parliamentary inquiry into how wealthy people are taxed. That inquiry found crypto capital gains hit 3.5 billion euros in 2021. Yet only 400 million euros in crypto holdings were declared to tax authorities that year. The gap is large, and it is one reason supporters argue for more reporting.
The amendment would add a provision to France’s general tax code. It is not final law, though. It still needs to move through the full legislative process.
Other crypto amendments and a setback
The wallet disclosure measure was one of five crypto-related amendments the Finance Committee adopted last week. Others would impose an exit tax on crypto holdings above 800,000 euros when taxpayers move abroad. Another would end tax deferrals on conversions into fiat-backed stablecoins. Those ideas have been reported before, and they show how French lawmakers are testing different ways to tax digital assets.
But there was a twist. After adopting the amendments on Friday, the committee rejected the revenue section of the broader 2027 budget bill by 31 votes to 3. That rejection matters because the crypto amendments are attached to that budget work. Lawmakers are set to debate the revenue section in the National Assembly on Tuesday. They will start from the government’s original draft, according to French tech publication Clubic. That means the crypto amendments may need to be submitted again and approved during parliamentary proceedings before they can become part of the legislation.
What happens next
The proposal has a long way to go. For now, it is a committee-level signal, not a rule that wallet holders must follow. The debate next week could shape whether the reporting requirement survives. If it does, France would join a small group of countries trying to pull self-custody crypto into the tax reporting system. The final outcome, perhaps, will depend on how budget talks unfold and whether lawmakers keep the crypto measures in the text. For crypto holders in France, the main point is simple: watch the threshold and the Dec. 31 valuation date, even if enforcement is still uncertain.
