€3.5 billion in crypto profits, but only €400 million was reported. France is now eyeing your self-custody wallet 🦖
France’s National Assembly Finance Committee passed an amendment on Friday, numbered CF821, requiring people who hold at least €100,000 (about $112,000) in self-custodied crypto assets to proactively declare them. The amount is based on their value as of December 31 each year. Failure to declare could result in a fine of up to €10,000 ⚖️
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The amendment was proposed by three lawmakers, including Charles de Courson. The evidence they cited is striking: a parliamentary inquiry found that crypto capital gains in France reached €3.5 billion in 2021, but only €400 million worth of crypto holdings were reported to the tax authorities that year—a gap of nearly 8.75 times 🧾
This isn’t an isolated measure. Last week, the Finance Committee passed five crypto-related amendments in one go. Besides the wallet declaration requirement, one would impose an exit tax on people moving abroad with holdings exceeding €800,000. Another would end the tax deferral available when assets are exchanged for fiat-backed stablecoins. Put simply, France wants to gradually bring crypto assets back onto tax returns.
But then came a dramatic twist: on the very same day the amendments were passed, the committee voted 31 to 3 to reject the entire revenue section of the 2027 budget bill. That means the amendments cannot take effect directly. They must be resubmitted to the National Assembly and voted on again before they have a chance of becoming law. The Assembly won’t begin debating the revenue section until Tuesday.
In my view, the main point of this story isn’t whether France can collect this tax—it’s the signal being sent. Self-custody wallets have long been seen as the last bastion of privacy. Now they’re being written directly into declaration requirements. Even if this budget bill fails, the direction is clear: countries are bringing on-chain assets into systems built around identity verification and reporting.
For everyday holders, here’s a practical reminder: a hardware wallet can keep your private keys hidden, but it can’t hide the value of your assets. Whether you need to declare them is usually determined by where you live and how much you hold—not by which wallet you use.
Do you think self-custody wallets should be subject to reporting requirements? Join the discussion in the comments.
Tap the profile picture to watch the livestream.
Every day, I’ll help you follow the latest developments in crypto regulation—not just what’s happening, but the logic and opportunities behind it 👀🚀
France’s National Assembly Finance Committee passed an amendment on Friday, numbered CF821, requiring people who hold at least €100,000 (about $112,000) in self-custodied crypto assets to proactively declare them. The amount is based on their value as of December 31 each year. Failure to declare could result in a fine of up to €10,000 ⚖️
🔎 进群看完整分析
The amendment was proposed by three lawmakers, including Charles de Courson. The evidence they cited is striking: a parliamentary inquiry found that crypto capital gains in France reached €3.5 billion in 2021, but only €400 million worth of crypto holdings were reported to the tax authorities that year—a gap of nearly 8.75 times 🧾
This isn’t an isolated measure. Last week, the Finance Committee passed five crypto-related amendments in one go. Besides the wallet declaration requirement, one would impose an exit tax on people moving abroad with holdings exceeding €800,000. Another would end the tax deferral available when assets are exchanged for fiat-backed stablecoins. Put simply, France wants to gradually bring crypto assets back onto tax returns.
But then came a dramatic twist: on the very same day the amendments were passed, the committee voted 31 to 3 to reject the entire revenue section of the 2027 budget bill. That means the amendments cannot take effect directly. They must be resubmitted to the National Assembly and voted on again before they have a chance of becoming law. The Assembly won’t begin debating the revenue section until Tuesday.
In my view, the main point of this story isn’t whether France can collect this tax—it’s the signal being sent. Self-custody wallets have long been seen as the last bastion of privacy. Now they’re being written directly into declaration requirements. Even if this budget bill fails, the direction is clear: countries are bringing on-chain assets into systems built around identity verification and reporting.
For everyday holders, here’s a practical reminder: a hardware wallet can keep your private keys hidden, but it can’t hide the value of your assets. Whether you need to declare them is usually determined by where you live and how much you hold—not by which wallet you use.
Do you think self-custody wallets should be subject to reporting requirements? Join the discussion in the comments.
Tap the profile picture to watch the livestream.
Every day, I’ll help you follow the latest developments in crypto regulation—not just what’s happening, but the logic and opportunities behind it 👀🚀