French lawmakers back reporting rule for crypto wallets over $112K
French lawmakers backed a reporting rule for self-custodied crypto wallets valued above about $112,000. The proposal would require holders to declare qualifying assets and sets fines for failing to do so at up to 10,000 euros.
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Crypto holders with self-custodied wallets above the stated threshold are the group that would notice this first. The rule gives them a reporting obligation and sets a penalty level for missing it, so the immediate change is at the point of declaration rather than in how the assets are held.
In practice, the main difference is that qualifying holdings would have to be reported instead of simply kept off the declaration process. What remains the same is the ability to hold self-custodied crypto; the change described is about disclosure, not a ban on ownership or storage. (per cointelegraph.com)
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