A new bill, presented by Jean-Noël Barrot, Minister for Europe and Foreign Affairs, would expand the exchange of cryptocurrency activity data with 48 nations to curb tax evasion. The bill would allow the automatic exchange of this data with countries outside the EU.
Key Takeaways
France introduced a bill to enact the CARF framework, sharing crypto users’ data with 48 countries.The bill accelerates data collection, sparking privacy concerns among French crypto holders.A tax official allegedly selling data fueled a rise in violent wrench attacks against crypto owners.France is tightening its oversight over crypto users, seeking to gain a larger degree of control and visibility on crypto operations.
The bill seeks to enshrine the CARF framework as law in France, enabling the exchange of specific crypto information with 48 countries that also subscribed to the agreement signed in Paraguay in November 2024.
Data exchanged would include specific transactions, user names, addresses, tax identification numbers, residence, and the aggregate value transacted during the reporting period.
The bill would allow France to expand the automatic exchange of crypto info internationally, given that EU states are already preparing to exchange this data under the DAC-8 directive, which will become effective on September 30, 2027.
When approved, the data collection activities of the French state will accelerate in a context where most of the so-called “wrench attacks,” which include violence associated with cryptocurrency thefts, happen in France.
The rise of these incidents and the increasingly invasive data collection practices have alarmed French cryptocurrency holders, who are now being the target of kidnappings and homejacking.
