France just pushed forward amendment 1649AC, a move that's got the crypto community buzzing. The proposal? Citizens holding self-custodied digital assets must now report their exact market value to authorities—even when they haven't sold, traded, or done anything taxable with those holdings.

The backlash came swift. Privacy advocates are calling it a gross overreach, arguing it forces disclosure of personal financial data without legitimate cause. Worse yet, critics point out this creates a centralized database of who holds what—essentially a treasure map for bad actors. The security implications? Not exactly comforting when you're painting targets on private wallets.