France advances new crypto reporting rules, tightens oversight, and considers new tax measures for digital assets. France is moving forward with stricter crypto rules to improve transparency and control. Officials are taking steps from two directions at the same time. Thus, new policies are being formulated by both lawmakers and central bank leaders. These are to reinforce regulation in the rapidly expanding crypto industry. France Advances New Crypto Reporting and Oversight Measures An anti-fraud bill has been passed by the French National Assembly that includes a new reporting rule. This regulation mandates that self-hosted crypto wallets be reported annually. This is, however, subject to the condition that holdings are worth more than 5,000. So, this rule might not apply to smaller holders. Related Reading: Crypto News: Finland to Launch Crypto Reporting Framework by 2026 | Live Bitcoin News In addition, there are penalties that could be imposed for failure to report these holdings. These fines should be similar to regulations on unreported foreign bank accounts. As a result, compliance will become more important for crypto users. Nevertheless, the Senate and a joint committee are still reviewing the bill. Meanwhile, stablecoins have been questioned by Denis Beau. During a key seminar, he demanded more stringent restrictions on non-Euro stablecoins. The Bank for International Settlements was the host of this event. Therefore, France is also driving the changes on the European level. Moreover, he encouraged stricter regulations in the Markets in Crypto-Assets Regulation. These regulations are meant to regulate the use of stablecoins in payments. In particular, stablecoins pegged to foreign currencies are in the spotlight. Consequently, the EU can become stricter in the near future. New EU Reporting Rules and Tax Plans Raise Industry Concerns Moreover, France has also implemented the DAC8 reporting framework of the EU. This system makes crypto reporting mandatory. The collection of data began on 1 January 2026. Thus, crypto companies are now required to adhere to more stringent compliance regulations. Under DAC8, crypto service providers must report user identity details. These are tax identification numbers and transaction information. In addition, annual reports should be provided to tax authorities. The initial full report date will be 30 September 2027. Moreover, non-compliance has been made a punishable offense. The providers are required to close the accounts when the users do not provide tax information. This is referred to as a kill switch rule. Thus, to prevent restrictions, users have to answer two reminders. In the meantime, legislators are also debating a new tax plan. This scheme can categorize crypto as unproductive wealth. It suggests a 1% yearly tax on assets above €2 million. Thus, the high-value investors might incur extra expenses. Moreover, the proposal proposes taxes on unrealized gains. This implies that investors can pay taxes without selling assets. However, the industry has been very critical of this idea. Éric Larchevêque has spoken out against the plan. Finally, France is taking significant measures to regulate crypto markets. The future is being determined by new reporting regulations, EU frameworks, and tax proposals. Thus, the changes can affect users and companies throughout the crypto ecosystem. The post French Lawmakers Push New Crypto Reporting Rules appeared first on Live Bitcoin News.

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