France backs reporting for self-custodied crypto worth 100K euros or more

What happened: The French National Assembly approved amendment I-2701, which would require taxpayers to report self-custodied crypto holdings of at least 100,000 euros to tax authorities. Why it matters: Faustine Fleuret of Morpho told Cointelegraph that a likely rejection of the budget's revenue section could result in rejection of the entire bill, including provisions adopted by amendment. The Assembly also rejected two proposals for exit taxes on unrealized crypto gains and approved an amendment to tax gains from converting crypto into stablecoins.

The French National Assembly approved amendment I-2701, which would require taxpayers to report self-custodied crypto holdings of at least 100,000 euros to tax authorities.

Faustine Fleuret of Morpho told Cointelegraph that a likely rejection of the budget's revenue section could result in rejection of the entire bill, including provisions adopted by amendment. The Assembly also rejected two proposals for exit taxes on unrealized crypto gains and approved an amendment to tax gains from converting crypto into stablecoins.