More than €100,000 in crypto? MPs Push for Wallet Declarations

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https://cryptoast.fr/plus-de-100-000-e-en-crypto-des-deputes-veulent-que-vous-declariez-vos-wallets/

Amendment No. I-2701 tabled by Charles de Courson (Libertés, Independents, Overseas and Territories) and 6 deputies from his group was adopted on November 3 in a public session.

Concretely, it supplements article 1649 bis C of the General Tax Code, the one which already requires French residents to declare their crypto accounts opened on foreign platforms via form 3916-bis.

The text adds wallets held directly like those sold by Ledger and Trezor, but also software wallets like MetaMask, Rabby Wallet or even Phantom to name a few.

The obligation would apply as soon as their value reached €100,000 on December 31. In case of forgetting, the amendment mentions a sanction of up to €10,000.

The same evening, amendment No. I-3922 by Nicolas Sansu (Democratic and Republican Left), which set the threshold at only €5,000, was rejected.

First the threshold. The text targets the “total value” of the cryptos held in these wallets. According to our reading, all your self-hosted wallets would therefore add up: 4 wallets of €25,000 would be enough to cross the bar.

Then, the value being assessed on December 31, the same portfolio could enter the field one year and leave it the next, depending on the price of the cryptocurrencies, without any purchase or sale.

Finally, the content of the declaration, which the amendment does not specify. For an account on a centralized platform, this is the email address used to create the account. For a wallet, this could mean transmitting its public addresses and therefore giving the administration all the associated on-chain history.

This is where the criticism focuses. After the series of kidnappings targeting crypto holders in France, the idea of ​​a file listing those who hold more than €100,000 in cryptocurrency is worrying. Questioned by Cryptoast, Charles de Courson dismisses the argument by comparing it to holding stocks or gold.

👉 Our interview: Charles de Courson: “Crypto-assets are a fiscal black hole”

To justify the measure, the amendment advanced 3.5 billion euros of crypto capital gains realized in 2021, compared to 400 million euros of assets declared to the tax authorities the same year. However, these two figures do not measure the same thing: the first counts earnings, the second counts assets.

Machine-translated from French