‘Leave’: Crypto Backlash Over French Proposal to Report Wallets Over $112K
Summary
France’s National Assembly Finance Committee approved a proposal requiring residents to report self-custodied crypto holdings worth at least €100,000 at year-end, with fines of up to €10,000 for noncompliance. The measure is not law and may be reconsidered: the committee rejected the budget’s revenue section, so the full Assembly will resume debate from the government’s original text. Crypto figures criticized the proposal as a security risk, citing recent kidnappings and robberies targeting holders. The committee also backed taxing crypto-to-stablecoin swaps from 2027 and extending the exit tax to crypto held by households worth over €800,000.
