French lawmakers back reporting rule for crypto wallets over $112K

French lawmakers have approved a reporting requirement for cryptocurrency wallet holders with assets exceeding approximately 112,000 euros. The measure mandates disclosure of qualifying crypto holdings to tax authorities.

Individuals who fail to declare wallets meeting the threshold face fines up to 10,000 euros. The rule applies to holders of digital assets stored in self-custodial wallets, requiring them to report their positions to French tax officials.

This regulatory step reflects France's broader push to bring cryptocurrency holdings into formal tax compliance frameworks. The country has previously implemented crypto tax reporting rules, and this wallet disclosure requirement represents an expansion of those efforts.

The threshold of around 112,000 euros aligns with existing asset reporting requirements in France for other investment types. Lawmakers structured the rule to capture significant crypto holdings while creating a clear reporting boundary for compliance purposes.

France joins other jurisdictions moving toward enhanced cryptocurrency transparency. The requirement places responsibility on individual wallet holders to self-report holdings rather than relying solely on exchange-level reporting, which captures only assets held on centralized platforms.

Holders storing cryptocurrency in hardware wallets, software wallets, or other non-custodial solutions must now document these positions for tax authorities. The enforcement mechanism through financial penalties aims to encourage voluntary compliance.

The timing of the approval reflects ongoing European regulatory momentum. France operates within the EU framework while implementing national-level crypto tax policies that exceed some European minimum standards.

This development affects French residents holding crypto assets across multiple platforms or in self-custody arrangements. The rule creates administrative requirements for tax filing while establishing consequences for non-disclosure.

Implementation details, including reporting timelines and specific documentation requirements, remain subject to further regulatory guidance from French tax authorities. The measure passed with backing from the legislative body, indicating broad parliamentary support for enhanced crypto asset transparency in the country.