France Requires Cryptocurrency Investors to Declare Self-Hosted Wallets

The French government has taken another step in its efforts to boost tax collection and reduce the anonymity of cryptocurrency holdings.

A bill passed by the National Assembly requires investors to declare self-hosted wallets holding over €5,000 worth of digital coins. This provision is part of a larger law aimed at combating social and tax fraud.

The legislation introduces a new obligation for crypto investors, who will need to disclose each wallet that meets the threshold. This move is expected to increase state surveillance over digital assets in France.

The French finance ministry hopes to tap into wealth that has been escaping detection until now by integrating cryptocurrencies into its monitoring mechanisms.