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French Crypto Proposal Sparks Concerns Over Wallet Reporting
Lawmakers in France have advanced a proposal requiring crypto holders to report holdings equal to or above €100,000 ($112,000). This has sparked concerns following a wave of 'wrench attacks' in the country. Crypto holders are in an uproar, citing potential threats to personal security. The proposal, which would introduce reporting requirements for crypto assets held in a self-custody wallet, was adopted by the French National Assembly's Finance Committee. The amendment, which would see a provision added to France's general tax code, aims to fight against using cryptocurrency as a vector for fraud. The proposal comes amid recent high-profile crypto robberies in France, including the kidnapping of Ledger co-founder David Balland and his wife, and an attempted kidnapping of the wife of The Sandbox co-founder Sébastien Borget. The French National Assembly rejected the entire revenue section of the budget, which included the crypto amendments, when the floor debate resumes on Monday.