France's new policy requiring declaration of self-custodied assets sparks controversy: privacy protection or necessary regulation?

【Blockchain Rhythm】France is recently pushing a bill called 1649AC, which has caused quite a stir in the crypto community. The policy requires French citizens to declare the specific value of their self-custodied crypto assets — and note, even if you haven’t done anything or made a single transaction, you still have to report.

This issue has sparked a lot of controversy. Opponents say it’s an outright invasion of privacy — why should the government know how many coins you have in your wallet? More alarmingly, this kind of operation could create a super dangerous database — containing names, addresses, and the exact amount of crypto assets each person holds. Critics describe it as an “information honey pot,” and if leaked, the consequences could be disastrous.

Self-custody was originally meant to protect privacy and asset security, but now being asked to actively submit this sensitive information feels quite contradictory.