According to Cointelegraph, French lawmakers have approved a measure requiring holders of cryptocurrency assets in wallets valued over $112,000 to report those holdings to authorities. The rule applies to qualifying crypto wallets meeting the monetary threshold.
Failure to declare such assets could result in fines of up to 10,000 euros. The requirement aims to ensure compliance with existing tax obligations for large crypto holdings. No details were provided regarding implementation timeline, reporting frequency, or enforcement mechanism under the adopted rule. The measure reflects ongoing efforts by French regulators to clarify obligations for crypto asset holders.
