French Lawmakers Approve Reporting Rule for Crypto Wallets Exceeding 112K Euros
(3 hours ago) · 1 source · Summarized by CryptoBipto
French legislators have backed a new rule requiring holders of crypto wallets valued above 112,000 euros (approximately $112,000) to report them to authorities. The measure is part of broader efforts in France to increase transparency and oversight of cryptocurrency holdings.
WHY IT MATTERS
In traditional finance, many countries already require people to report large bank accounts or foreign financial holdings to tax authorities. France is now applying a similar idea to cryptocurrency. If you hold crypto in a wallet worth more than about 112,000 euros, you would need to tell the government about it. Think of it like how some countries require you to declare cash above a certain amount when crossing a border — except this applies to digital assets sitting in a crypto wallet. This is part of a wider pattern of governments treating crypto more like traditional financial assets when it comes to reporting and taxes.
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- cointelegraph.com
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