French Lawmakers Propose Reporting Requirement for Crypto Holdings Over €100,000

The French National Assembly's Finance Committee adopted amendment I-CF821, which would require crypto holders in self-custody wallets to report holdings valued at or above €100,000 ($112,000) at the end of the calendar year, facing fines up to €10,000 otherwise. This proposal, aimed at combating crypto fraud, comes amid several high-profile crypto robberies and kidnappings in France. Crypto holders like Harry Halpin, CEO of Nym, claim the rule threatens personal security and suggest using shielded cryptocurrencies like Zcash and private VPNs for defense. The proposed rule is not yet law and is subject to change.