France considers mandatory disclosure of crypto holdings above €100,000

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French lawmakers have backed a proposal requiring individuals to declare self-custodied crypto assets worth €100,000 ($112,000) or more.

Approved by the National Assembly’s Finance Committee, the amendment would require holders to report the value of their assets as of 31 December each year. Failure to comply could result in fines of up to €10,000.

The proposal seeks to tackle tax evasion. Its sponsors cited a parliamentary inquiry that found crypto capital gains reached €3.5 billion in 2021, while only €400 million in crypto holdings were declared to tax authorities that year.