France considers mandatory reporting for self-custodied crypto over €5,000

The French government is discussing a bill that would require individuals to report self-custodied cryptocurrency holdings valued at €5,000 ($5,400) or more to authorities, according to Bitcoin News. The proposed legislation, known as Bill 1649AC, would apply to assets held in personal wallets such as Ledger and MetaMask. The amendment, which has not yet been passed by parliament, is based on recommendations from France's public audit body (Cour des Comptes) and the Council of Mandatory Contributions (CPO). Bitcoin News added that the bill has drawn sharp criticism over concerns that it infringes on personal freedom and privacy.