France is advancing Amendment 1649AC, requiring citizens to disclose the market value of their self-custodied cryptocurrency assets.

On December 12, France is advancing Amendment 1649AC, which requires citizens to disclose the exact market value of their self-custodied cryptocurrency holdings, even if no taxable transactions have occurred.

The amendment stipulates that French citizens must report the precise balance and market value information of their self-custodied cryptocurrency wallets to the government. Critics warn that this measure is an undue invasion of private life and will create a dangerous database containing names, addresses, and precise cryptocurrency balances, which could become a target for hackers.