France's €100,000 line for self-custody crypto reports

Amendment I-2701 would require the persons and legal entities already named in the first paragraph of article 1649 bis C of the code général des impôts to declare crypto-asset wallets they hold directly, where those wallets are kept outside a crypto-asset service provider and the total value on December 31 is at least €100,000. The National Assembly adopted the text on November 3, 2026, by 150 votes to 44, during the first-reading debate on the first part of finance bill 3210. That vote does not enact Amendment I-2701. Minister David Amiel was défavorable, Rapporteur général Philippe Juvin offered sagesse, and the exposé sommaire routes the sanction through article 1729 C ter, whose fine is capped at €10,000.

Key facts

• Amendment I-2701, dated October 10, 2026, sits after article 32 of finance bill 3210, and the sheet is stamped Adopté.
• The operative test is a direct wallet kept outside a crypto-asset service provider, at a December 31 value of at least €100,000.
• Sponsors are Charles de Courson, Bataille, Bruneau, Lenormand, Mazaury, Sanquer and Taupiac.
• The public ballot was 202 taking part, 194 expressed, an absolute majority of 98, and 150 in favour to 44 against.
• The same evening the chamber rejected a €5,000 threshold by 127 to 73 and a €50,000 fallback by 125 to 71.
• Article 1729 C ter, in force since July 1, 2020, caps the fine at €10,000, at €5,000 for a first infringement, and at €100,000 a year.
• The exposé cites €3.5 billion of realised gains in 2021 against €400 million of assets declared to the Direction générale des Finances publiques (DGFiP).

Methodology and sources

The account uses the National Assembly PDF of Amendment I-2701 and the record of the second sitting of November 3, 2026, chaired by Vice-President Marie-Agnès Poussier-Winsback and opened at 21:30, while the house was still in the first part of finance bill 3210 and rectified report 3291. Légifrance supplies article 1649 bis C as in force from December 31, 2023 to December 30, 2024, article 1729 C ter as in force since July 1, 2020, and article 1649 AC bis, created by article 54 of law 2025-127 of February 14, 2025. Comparison uses Council Directive (EU) 2023/2226, the eighth amendment to the Directive on Administrative Cooperation (DAC8), the European Commission's DAC8 page, HM Revenue and Customs guidance on cryptoasset data, Budget 2025, Internal Revenue Service digital-asset pages, the 2025 Form 1040 instructions, and the Department of Justice release in the Ahlgren case, corroborated by Congressional Research Service sidebar LSB11353 and Western District of Texas docket 1:24-cr-00031. Speech figures stay attributed to the speaker, and sheet figures stay attributed to the exposé.

What Amendment I-2701 actually inserts into the tax code

The sheet works by cross-reference rather than by a free-standing code. After article 32 it would insert a paragraph into article 1649 bis C, straight after the first paragraph, and amend article 1729 C ter so the sanction list also names article 1649 bis C. Through December 30, 2024, persons and legal entities domiciled or established in France already declare, with the return, digital-asset accounts opened, held, used or closed abroad, and a decree fixes the form. The new paragraph adds wallets held directly and kept outside a crypto-asset service provider once the December 31 total is at least €100,000. The operative words are "supérieure ou égale", while the exposé's close says "above €100,000".

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The exposé calls this a notification of self-custodied wallets and points to recommendation 9 of the inquiry into the taxation of the highest wealth and incomes and their contribution to public services. It pairs €3.5 billion of realised gains in 2021 with €400 million of assets declared to DGFiP, a flow set against a stock. On the floor, Charles de Courson used the same round numbers as declared gains against estimated gains. The exposé's "up to €10,000" is the ordinary ceiling of article 1729 C ter, from ordinance 2019-1068 of October 21, 2019.

Amendment I-2701 is the National Assembly text dated October 10, 2026 that would add a paragraph to article 1649 bis C of the code général des impôts inside finance bill 3210. It covers persons and legal entities already named in the first paragraph, the class Légifrance, through December 30, 2024, describes as domiciled or established in France. They would declare crypto-asset wallets held directly and kept outside a crypto-asset service provider once the December 31 total is at least €100,000. The same text brings article 1649 bis C into article 1729 C ter, in force since July 1, 2020, where the fine is capped at €10,000, at €5,000 for a first infringement in the current year and the three preceding years, and at €100,000 a year. The exposé cites €3.5 billion of realised gains in 2021 against €400 million of assets declared to DGFiP, and the November 3, 2026 ballot was 150 in favour and 44 against.

How France, the EU, the UK and the US treat the same wallet

Provider regimes collect a flow from the intermediary. Council Directive (EU) 2023/2226 does not require the holder to inventory a self-custodied wallet at year-end, which is what both Minister David Amiel and Deputy Nicolas Sansu told the sitting.

Sources: the Assembly text of Amendment I-2701, articles 1729 C ter, 1649 bis C and 1649 AC bis, the Commission DAC8 page, Directive (EU) 2023/2226, HMRC cryptoasset guidance, Budget 2025, IRS digital assets, the Justice Department release on Ahlgren, and Congressional Research Service sidebar LSB11353, read on November 5, 2026.

Article 1649 AC bis already makes a French crypto-asset service provider, defined by article 3(1)(16) of the Markets in Crypto-Assets Regulation (MiCA), declare exchanges and transfers from January 1, 2026 that are filed in 2027. The Commission sets the first exchange of that year at September 30, 2027, and records that as of March 2026 some 76 Global Forum members had announced Crypto-Asset Reporting Framework (CARF) exchanges. Hong Kong's CARF crypto-asset tax reporting rules are one national version of that model. Britain collects the same data from January 1, 2026, with a penalty of up to £300 per user. The United States asks the Form 1040 digital-asset question under Treasury Decision 10000. the Financial Crimes Enforcement Network (FinCEN) withdrawal of the unhosted-wallet rule and the Advisers Act self-custody proposal are separate American tracks. That provider file and the holder inventory in Amendment I-2701 would sit side by side if the paragraph is promulgated.

"D’après les informations qui nous ont été communiquées – elles remontent à 2021 –, 400 millions d’euros de plus-values ont été déclarés au titre de l’impôt sur le revenu. Or, selon certaines études, le montant réel des plus-values serait plutôt de l’ordre de 3,5 milliards d’euros. Le taux de fraude serait alors de 80 à 90 %."

— Charles de Courson, député and sponsor, rapporteur of the wealth inquiry, National Assembly (sitting of November 3, 2026).

He set €400 million of declared capital gains against studies putting real gains near €3.5 billion, and he called the gap a fraud rate of 80 to 90%. The exposé pairs those sums as realised gains against assets declared to DGFiP.

Enforcement context from a false bitcoin return

On December 12, 2024, Judge Robert Pitman in the Western District of Texas sentenced Frank Richard Ahlgren III to two years in prison, one year of supervised release and $1,095,031 in restitution. Between 2017 and 2019 he underreported or omitted sales of about $4 million of bitcoin, including about 640 bitcoin sold in October 2017 for $3.7 million and put towards a house in Park City, Utah. Docket 1:24-cr-00031 and Congressional Research Service sidebar LSB11353 record a guilty plea under Internal Revenue Code section 7206(1). The department called it the first criminal tax evasion prosecution centred on cryptocurrency alone. Ahlgren had bought about 1,366 bitcoin through Coinbase in 2015, when the release puts the year's high near $495.56.

Exchange records and the accountant's file produced a restitution figure far above the French administrative cap. Article 1649 AC bis would give DGFiP the provider's transfer file, and Amendment I-2701 would add a December 31 holder statement once direct wallets reach €100,000. Philippe Juvin said the lower texts looked inoperative for want of a sanction, while de Courson's text had one, and David Amiel was défavorable. Stuart Goldberg said Ahlgren had lied to his accountant and tried to hide gains on the blockchain. A figure of 80 to 90% belongs to the speech, and the exposé pairs gains with declared assets.

What this means for holders, providers and compliance teams

For anyone inside the first paragraph of article 1649 bis C, the test is the December 31 value of wallets held directly and kept outside a provider. Hosted balances stay on the article 1649 AC bis file and, abroad, on the foreign-account limb. The text leaves the price source and the form to the existing decree, and the direct file starts at €100,000. Service providers stay on the DAC8 side, separate from the MiCA authorisation timetable in the end of MiCA grandfathering on July 1. The Financial Action Task Force (FATF) Travel Rule file in the July 2026 Travel Rule review answers a different authority.

A French fund manager holding coins on wallets the firm controls, outside a provider, joins the same class once the December 31 total reaches €100,000, because the first paragraph names legal entities. Assets with an authorised custodian stay on that custodian's declaration. Compliance teams can store a December 31 value and a price source, and brief the article 1729 C ter scale, while the pack stays marked as draft because a later reading can still delete the paragraph.

"Je ne crois pas que nous puissions atteindre ainsi la grande fraude : visons plutôt les intermédiaires, en attendant de pouvoir avancer dans la résolution du problème technique que posent les plateformes d’autohébergement."

— David Amiel, ministre de l’action et des comptes publics, on holder declarations (sitting of November 3, 2026).

He preferred intermediaries while self-hosting remained a technical problem, said so on the lower thresholds, and then answered défavorable on Amendment I-2701. Paul Midy compared the idea with cash and paintings kept at home. Juvin's sagesse left the euro line to the floor, which chose €100,000.

What happens after the November sitting

The second sitting was still inside the first part of the bill. After the ballot the house continued through later amendments, article 33 and article 42, so the Adopté stamp records one paragraph inside an unfinished first reading. The Senate, or a joint committee, can strike or keep it. The €5,000 text fell by 127 to 73, with 207 taking part, 200 expressed and an absolute majority of 101. The €50,000 text fell by 125 to 71, with 205 taking part, 196 expressed and an absolute majority of 99. The Rassemblement national group demanded the public ballot on Amendment I-2701, which passed with applause on some Socialist benches.

Collection under DAC8 and article 1649 AC bis starts on January 1, 2026, French provider declarations fall in 2027, and authorities exchange by September 30, 2027 under Commission Implementing Regulation (EU) 2025/2263 of November 12, 2025. UK providers share that start and the £300 per-user penalty. Those files show transfers to private addresses even if a later reading drops the holder paragraph. The arguments left open are deliberate fraud, the safety risk Paul Midy described, the choice of €100,000, and the 2021 evidence as gains against gains or gains against declared assets. Until promulgation, firms can programme the provider duty, and the direct-wallet control stays a draft.

TL;DR

Amendment I-2701, filed October 10, 2026 by Charles de Courson and six colleagues, would add a paragraph to article 1649 bis C so covered persons and entities declare direct crypto wallets kept outside a provider when the December 31 value is at least €100,000. The fine route is article 1729 C ter, capped at €10,000 and at €100,000 a year. On November 3, 2026 the National Assembly adopted the text by 150 votes to 44, with the government défavorable, during the first part of first reading. Directive (EU) 2023/2226 provider reporting runs from January 1, 2026, with the first exchange of 2026 data set for September 30, 2027.

FAQ

Who would have to declare a self-custodied crypto wallet under Amendment I-2701?

The paragraph uses the persons and legal entities already named in the first paragraph of article 1649 bis C. On the Légifrance text in force through December 30, 2024, that class is domiciled or established in France and already declares foreign digital-asset accounts. A resident individual and a French company that controls its own wallet sit in the same class, and the duty follows the holder rather than the venue. The November 3, 2026 vote placed the paragraph in the Assembly text of finance bill 3210, with assessment waiting on promulgation.

How is the €100,000 threshold measured, and which wallets stay with the provider?

The operative sentence takes the total value on December 31 of the return year and sets the line at equal to or above €100,000. The exposé's close says "above", and its opening says a threshold of €100,000, so the article text governs. The wallet must be held directly and kept outside a crypto-asset service provider. Balances the provider custodies stay on article 1649 AC bis. Once the private part reaches the line, a holder file appears beside the provider file, and the price source is left to the decree.

What sanction does the amendment attach, and where does the €10,000 figure come from?

The amendment edits article 1729 C ter so article 1649 bis C joins the declarations that article polices. Since July 1, 2020 the fine has been capped at €10,000, at €5,000 for a first infringement in the current year and the three preceding years, and at €100,000 a year. The exposé of Amendment I-2701 summarises the route as a sanction that can reach €10,000, which is the ordinary cap the cross-reference imports.

Did the November 3 vote turn Amendment I-2701 into a rule the tax administration can enforce?

The November 3 result does not make the paragraph enforceable, because finance bill 3210 was still in the first part of its first reading. The record shows the house continuing through later amendments and on to article 42. The Adopté stamp is the Assembly's mark on a text it agreed that night. David Amiel was défavorable and Philippe Juvin offered sagesse. Senate passage and promulgation sit ahead of any assessment.

How does the French holder duty differ from DAC8 and from UK CARF reporting?

Directive (EU) 2023/2226 and the UK Crypto-Asset Reporting Framework fall on the service provider, with collection from January 1, 2026 and an exchange of the 2026 year by September 30, 2027. France put the provider file in article 1649 AC bis, declared in 2027. HM Revenue and Customs uses the same start date, with penalties of up to £300 per user. Amendment I-2701 instead asks the holder for a December 31 inventory of wallets kept outside a provider once the total is at least €100,000.

What should compliance teams keep on file while the finance bill is still moving?

Teams can separate provider wallets from direct wallets and store a December 31 value and a price source for the direct set. They can map direct wallets against the foreign-account limb so a foreign hosted account stays on the existing paragraph. They can brief the article 1729 C ter scale of €10,000, €5,000 on a first infringement, and €100,000 a year, and mark the pack as draft. A later reading can still remove the paragraph.

This article is informational analysis only and does not constitute legal, regulatory, tax, or investment advice. Regulatory frameworks change frequently and interpretation depends on facts and circumstances; primary documents and official regulator guidance always supersede summaries. Firms should consult qualified legal counsel and their relevant supervisory authority before taking any action based on the analysis above.