‘Leave’: Crypto Backlash Over French Proposal to Report Wallets Over $112K

In brief

• French lawmakers have pushed a proposal that will require crypto holders to report holdings equal to or above €100,000 ($112,000), or otherwise face a penalty.
• Some crypto holders have spoken out about the planned rule, claiming that it threatens security.
• It comes after several crypto-related "wrench attacks," robberies, and kidnappings have taken place in France in recent years.

Lawmakers in France have advanced a proposal that will require crypto holders to report holdings equal to or above €100,000 ($112,000). Otherwise, individuals will face fines up to €10,000 ($11,000).

Some crypto holders are in an uproar over the potential new rule, claiming that it threatens personal security. It comes after several high-profile, in-person crypto robberies have taken place in France.

"This is a terrible idea as corrupt employees in the French tax authority have has already shown themselves to a danger to their own citizens," Harry Halpin, CEO of privacy infrastructure Nym, told Decrypt, referencing a recent case in which a French tax agent was accused of selling data from the French tax authority to criminals.

France should be "held accountable" to victims of crypto kidnappings, Halpin continued. "In the future, criminals will use chain analytics and other AI surveillance," he said, adding that, "The only solution to defend your data and cryptocurrency is to use shielded cryptocurrency like Zcash and actually private VPNs."