France wants crypto holders to be required to report from €100,000

France wants to introduce stricter rules for people who keep their crypto coins themselves. The French National Assembly has approved a proposal that requires investors to report their crypto holdings to the tax authorities as soon as the value is at least 100,000 euros.

The measure has to combat tax evasion, but it still has to go through several political steps before it becomes definitive.

Owners of their own crypto wallet in particular may have to deal with the new rules. The proposal focuses on crypto coins that are kept outside the supervision of banks and crypto exchanges.

The French National Assembly approved the proposal on Tuesday 3 November. A large majority supported the measure, with 150 votes in favour, 44 against and 8 abstentions.

The new reporting obligation applies to French taxpayers who manage their crypto coins themselves, for example via a hardware wallet from Ledger or Trezor. With such wallets, users have control over their own digital access keys, without the intervention of a crypto exchange.

This makes it more difficult for the tax authorities to find out how much wealth someone owns in crypto. With balances on a crypto exchange, the government can request information under certain conditions, but with self-managed wallets this control is more limited.

According to the proposal, investors must declare their crypto holdings when the joint value is at least 100,000 euros on 31 December.

This is not a new tax on Bitcoin (BTC) or other crypto coins. Above all, the government wants to gain more insight into the assets that French residents hold outside regular financial institutions.

The reporting obligation is part of the French budget plans for 2027. At the same meeting, parliamentarians also discussed several other proposals for cryptocurrency taxation.

For example, a proposal to exempt small crypto payments, up to a total of 1,000 euros per year, from tax on any profits was rejected.

Earlier, another plan did receive support. That proposal should ensure that profits are taxed when investors exchange crypto coins for certain stablecoins.

At the same time, the parliament rejected proposals for an additional tax on unrealised crypto profits when moving abroad.

Which measures will eventually be introduced is still uncertain. The National Assembly must complete the first examination of the budget by 17 November at the latest. From 20 November, the French Senate will take over.

If the budget or the relevant component is rejected, the new reporting obligation for crypto holders may also disappear.