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French Government Proposes €100K Wallet Reporting for Crypto Holders
The French government proposed a law requiring crypto holders to report any self-custody wallet holding €100,000 or more. This sparked backlash from the crypto community, who warn that collecting this sensitive financial information could put investors at risk. The proposal, passed by the National Assembly Finance Committee, would target crypto held directly in self-custody and could lead to fines of up to €10,000 if not reported. Critics argue that building a list of wealthy crypto holders could put them at greater risk of theft, extortion, or physical attacks if the data were to leak or fall into criminal hands. The proposal is not yet close to becoming final law, as the Finance Committee rejected the revenue section of the overall 2027 budget plan.