France proposes €10,000 fines for undeclared self custody crypto holdings

French lawmakers have approved a proposal requiring individuals holding at least €100,000 ($112,000) in self custody cryptocurrencies to declare their assets to tax authorities or risk fines of up to €10,000. French lawmakers have backed a proposal requiring individuals with at least €100,000 in self custody crypto holdings to declare their assets annually. Failure to report qualifying cryptocurrency holdings could result in fines of up to €10,000 under the proposed amendment. Lawmakers cited concerns over tax evasion after a parliamentary inquiry found a large gap between crypto capital gains and declared holdings in 2021.

Source: crypto.news