PANews reported on April 9th ​​that, according to Cryptopolitan, the French National Assembly has passed a bill to combat social and tax fraud, requiring cryptocurrency holders to declare self-custodial wallets holding more than €5,000 in digital assets to the tax authorities. The bill has passed its first reading in the National Assembly and still needs review by the Senate and approval by a joint committee. The reporting obligations and monitoring mechanisms are expected to officially take effect by the end of 2026 or early 2027. In 2025, French tax authorities increased reporting requirements by €249 million, collecting over €17 billion in taxes and penalties. Crypto assets will be included in the monitoring mechanism to further enhance investigative capabilities. Taxpayers need to prepare for greater transparency regarding their digital assets in advance, otherwise they will face penalties equivalent to those for failing to declare or report overseas bank accounts.