France Approves Crypto Wallet Reporting Rule for Balances Above $112K

French Crypto Reporting Rule Passes

France's parliament has given the green light to a new rule mandating the reporting of cryptocurrency wallets holding assets valued at more than €100,000 (approximately $112,000 USD at current exchange rates). The measure is part of a broader effort to increase transparency and combat tax evasion within the digital asset sector.

Penalties for Non-Compliance

Holders who fail to declare qualifying crypto assets to the relevant authorities could face penalties of up to €10,000. The specifics of how this reporting will be implemented are still being finalized, but the legislation signals a firm stance from French regulators on crypto oversight. This move aligns France with growing international efforts to regulate the crypto industry.

Broader Regulatory Context

The new rule is a component of France’s broader regulatory framework for digital assets, which aims to position the country as a leading hub for blockchain innovation while ensuring investor protection and financial stability. The French government has been actively working on legislation related to crypto, including licensing requirements for crypto service providers.

Source: Cointelegraph