French National Assembly Removes Self-Custody Crypto Reporting Mandate Amid Security Concerns
The French National Assembly has decided to remove a controversial requirement from a proposed fraud law that would have mandated cryptocurrency holders to report self-custody wallets exceeding €5,000. This decision comes after significant debate and opposition from various stakeholders, including Adan, a French organization advocating for cryptocurrency adoption. The mandate was initially intended to enhance transparency and combat fraud. However, it faced criticism due to concerns over data security and the potential for 'wrench attacks,' where criminals force individuals to surrender their cryptocurrency holdings. France has been identified as a hotspot for such attacks, accounting for nearly 40% of these incidents in Europe. High-profile figures in the cryptocurrency industry, such as Binance's head in France and Ledger co-founder David Balland, have been targeted. The removal of this requirement is seen as a protective measure for cryptocurrency holders in France. 
