Colombia and France are strengthening cryptocurrency tax enforcement through new mandatory reporting laws. Colombia's tax authorities now require exchanges to collect and submit detailed user data, including trading volume and net balances, with non-compliance potentially facing fines of up to 1% of the undeclared amount. France has expanded its regulatory scope to require individuals holding more than €5000 in custodial wallets to report, thereby extending regulation beyond centralized platforms. These measures aim to track cryptocurrency ownership, curb tax evasion, and align with global transparency efforts.
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Colombia and France are strengthening cryptocurrency tax enforcement through new mandatory reporting laws. Colombia's tax authorities now require exchanges to collect and submit detailed user data, including trading volume and net balances, with non-compliance potentially facing fines of up to 1% of the undeclared amount. France has expanded its regulatory scope to require individuals holding more than €5000 in custodial wallets to report, thereby extending regulation beyond centralized platforms. These measures aim to track cryptocurrency ownership, curb tax evasion, and align with global transparency efforts.