France Advances Bill on Exchanging Cryptocurrency Taxation Data with 48 Countries
France is tightening oversight of cryptocurrency users by advancing legislation to join an international tax data-sharing framework. On July 17, Minister Jean-Noël Barrot presented bill No. 921 to the Senate, aiming to implement the OECD's Crypto-Asset Reporting Framework (CARF). This law would integrate CARF into French legislation, enabling the automatic exchange of detailed cryptocurrency transaction information with 48 other countries that signed the agreement in November 2024.
The data shared would include user names, addresses, taxpayer IDs, residence details, and aggregate transaction amounts. This move extends France's international data exchange efforts, aligning with the upcoming EU DAC-8 directive set for 2027. The push for greater transparency comes amid rising security concerns in France, including a reported increase in violent "wrench attacks" targeting crypto holders. A recent Chainalysis report noted 30 such incidents by 2026, potentially linked to a tax official allegedly selling data on wealthy French crypto owners. These developments have alarmed the crypto community. Earlier this year, France repealed a rule requiring self-custody crypto holders to declare assets to tax authorities, as lawmakers deemed verification of such reports impossible.
cryptonews.ru08/08 22:16
