France's Top Court Rejects Emergency Challenge to DAC8 Crypto Decree

France's top court has rejected an emergency challenge to its DAC8 crypto decree by Bull Bitcoin and Paymium. The companies argued that centralized user data could create security risks, pointing out that leaked information could allow criminals to identify cryptocurrency holders and their families for kidnapping or extortion.

In a statement on X, Bull Bitcoin said the Council of State found insufficient urgency to freeze the rules, citing that 'the mere possibility of a risk, the probability of which is very low, cannot constitute a situation of urgency.'

The companies had argued that collecting and centralizing information about cryptocurrency users in databases accessible for tax reporting creates a security risk if the records are compromised. Data collected under the regime can include information identifying users and details of their crypto transactions.