French National Assembly's Finance Committee adopted amendment I-CF821 on Friday. The amendment requires crypto holders to report self-custody wallet holdings equal to or above €100,000 ($112,000) or face fines up to €10,000 ($11,000). The proposal aims to combat fraud and address underestimated crypto ownership. The measure follows a wave of crypto-related kidnappings and robberies in France, including incidents in 2025 and earlier this year, prompting industry figures to warn the requirement could increase security risks.
Amendment I-CF821 Introduces €100,000 Reporting Threshold
The amendment would add a provision to France's general tax code requiring crypto users to declare holdings equal to or above €100,000 ($112,000), based on the value at the end of the calendar year. The rule applies specifically to self-custody wallets, where owners hold private keys that allow them to fully control the assets inside, in contrast to centralized exchanges. The proposal is not yet law and is subject to change.
Industry Leaders Criticize Security Risks
Harry Halpin, CEO of privacy infrastructure Nym, told Decrypt the proposal is "a terrible idea as corrupt employees in the French tax authority have has already shown themselves to a danger to their own citizens." Halpin referenced a recent case in which a French tax agent was accused of selling data from the French tax authority to criminals. France should be "held accountable" to victims of crypto kidnappings, Halpin stated. "In the future, criminals will use chain analytics and other AI surveillance," he said, adding that, "The only solution to defend your data and cryptocurrency is to use shielded cryptocurrency like Zcash and actually private VPNs."
Rand Hindi, founder of privacy protocol Zama, tweeted: "If you live in France and hold crypto, leave. If you can't leave, hire personal security for you and your family." Mert Mumtaz, CEO of Solana-based infrastructure firm Helius, tweeted: "France is the leading country on the planet for crypto kidnappings and wrench attacks. Now they want to increase by 50,000x the amount of data they collect and hence leak."
France Records Multiple Crypto Kidnappings and Robberies
France has emerged as a hotspot for crypto robberies in recent years. In 2025, Ledger co-founder David Balland and his wife were kidnapped from their home and held for ransom in a wrench attack that saw one of Balland's fingers severed by the attackers. Earlier this year, the wife of Sébastien Borget, The Sandbox co-founder, was the victim of an attempted kidnapping at her home in Villenoy, Seine-et-Marne. A couple in their late 50s were forced to transfer $1 million in Bitcoin at knifepoint by robbers pretending to be police in Versailles, France, earlier this year.
Committee Rejects Budget Revenue Section
The Finance Committee also voted to treat swaps from crypto into stablecoins as taxable sales from January 2027, and to extend France's exit tax to crypto held by households worth more than €800,000. The committee then rejected the budget's entire revenue section, 31 votes to 3. The full National Assembly now starts from the government's original text, which does not include any of the crypto amendments, when the floor debate resumes on Monday. If lawmakers want them back, they will have to table them again.
FAQ
What does France's amendment I-CF821 require crypto holders to do?
Amendment I-CF821 requires crypto holders in France to report self-custody wallet holdings equal to or above €100,000 ($112,000) based on the value at the end of the calendar year, or face fines up to €10,000 ($11,000).
Why are industry leaders criticizing the French crypto reporting proposal?
Industry leaders cite security risks, referencing a case in which a French tax agent was accused of selling data to criminals and multiple crypto kidnappings and robberies in France in 2025 and earlier this year. Critics claim the reporting requirement could expose holders to increased risk of wrench attacks.
What happens next to the French crypto amendments?
The Finance Committee rejected the budget's entire revenue section 31 votes to 3. The full National Assembly now starts from the government's original text, which does not include the crypto amendments, when the floor debate resumes on Monday. Lawmakers must table the amendments again if they want them included.
