France advances mandatory €100,000 crypto asset reporting, faces security backlash

French lawmakers have moved forward with a proposal requiring cryptocurrency holders to declare digital asset holdings of €100,000 ($112,000) or more to authorities. Individuals who do not comply could face fines reaching €10,000 ($11,000). This proposed regulation has sparked significant concern among members of France’s crypto community. Many fear that reporting large crypto holdings could increase personal security risks, especially following a series of violent crimes targeting cryptocurrency owners in the country. Several high-profile incidents have occurred in recent years, including kidnappings, robberies, and so-called “wrench attacks” where physical force is used to coerce victims into surrendering their digital assets.

Source: CoinTurk News