France’s Amendment 1649AC would require citizens to declare market values of self-custodied cryptocurrencies even without taxable events, sparking privacy and data security concerns.
On December 12, France advanced Amendment 1649AC, mandating that residents report the exact market value of self-custodied cryptocurrencies, regardless of any taxable transactions occurring. This reporting obligation applies to digital assets held directly by the owner without intermediaries. Critics caution that the measure could compromise privacy, as it would create a centralized store of sensitive personal information and asset data, increasing risks of misuse or cyberattacks.