A committee of the French National Assembly adopted an amendment that would require crypto holders to declare holdings of €100,000 ($112,000) or more. Privacy-focused crypto executives object, citing security risks after a series of kidnappings and robberies in France. The rule is not law yet and is subject to change.
Lawmakers in France have advanced a proposal that would make crypto holders report holdings equal to or above €100,000 ($112,000). Individuals who do not comply would face fines up to €10,000 ($11,000).
The National Assembly's Finance Committee adopted amendment I-CF821 on Friday, which targets crypto held in a self-custody wallet. It would add a provision to France's general tax code, with the value measured at the end of the calendar year.
Crypto founders warn of security risks
According to the amendment, the rule aims to fight the use of cryptocurrency as a vector for fraud, since it claims crypto ownership is underestimated. Some holders say it threatens personal security instead.
Rand Hindi, founder of privacy protocol Zama, wrote on X: "If you live in France and hold crypto, leave," adding that those who cannot should hire personal security.
Harry Halpin, CEO of privacy infrastructure Nym, called the plan a terrible idea, pointing to a recent case in which a French tax agent was accused of selling tax authority data to criminals.
Kidnappings fuel the concern
The backlash follows several in-person crypto robberies in France. In 2025, Ledger co-founder David Balland and his wife were kidnapped from their home and held for ransom. Earlier this year, robbers posing as police forced a couple in Versailles to transfer $1 million in Bitcoin at knifepoint.
Committee votes on other crypto measures
The committee also voted to treat swaps from crypto into stablecoins as taxable sales from January 2027. It also voted to extend France's exit tax to crypto held by households worth more than €800,000.
However, the committee then rejected the budget's entire revenue section, 31 votes to 3. The full Assembly now starts from the government's original text, which includes none of the crypto amendments, so lawmakers would have to table them again.
Source: Decrypt
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