France Lawmakers Back $112,000 Crypto Wallet Disclosure Proposal

French lawmakers have backed a proposal requiring holders to report self-custodied crypto holdings worth at least 100,000 euros, or about $112,000, tightening disclosure rules for assets held outside service providers. The National Assembly’s Finance Committee adopted the measure Friday. It would add the requirement to France’s General Tax Code and cover crypto stored in personal wallets rather than with a crypto-asset service provider. The proposal would calculate holdings based on their value on Dec. 31. Failure to declare qualifying assets could result in fines of up to 10,000 euros.

Source: TokenPost