Macron Calls Surprise French Election That’s Unlikely to Stir Crypto, Is Likely to Shake Up Government

As an experienced financial analyst following the European crypto scene, I believe Emmanuel Macron’s snap election call is unlikely to significantly impact France’s progress in the crypto industry. While Marine Le Pen’s National Rally party has gained ground in the European Parliament elections, France remains a significant player in the EU and its crypto sector has been making strides.

After obtaining merely half the number of seats for his governing Renaissance party in the European Parliament elections compared to Marine Le Pen’s National Rally, French President Emmanuel Macron decided to dissolve parliament and schedule early national elections.

The two rounds of voting are expected to take place on June 30 and July 7.

As a crypto investor, I believe the upcoming election won’t reverse the progress made in the cryptocurrency industry of that country. Last year, they registered an impressive number of 74 crypto companies, with expectations to reach 100 this year. Regulators have been actively working to attract more digital asset firms as well. In comparison, a potential crypto hub like the U.K. only has 44 registered crypto companies.

In 2017, Macron was initially elected as president, following which he announced fresh elections due to National Rally, previously known as Rassemblement National, managing to secure a significant 31.4% of the available French candidate seats. This surpassed the achievements of Besoin d’Europe, who represented Renaissance in the EU. France, being the second most populous EU country with 81 allocated seats out of the total 720, was closely followed by Germany, which received 96 seats as the largest member state.

As a crypto investor, I’m excited about the European Union’s groundbreaking legislation called MiCA (Markets in Crypto Assets), which passed last year. This comprehensive package is designed to regulate crypto assets and services across all EU member nations. Once a crypto company obtains a crypto asset service provider license in any EU country, they will be able to operate throughout the bloc. The rules for stablecoin issuers go into effect on June 30, 2021, with the remainder of the legislation becoming active by the end of this year.

As a crypto investor, I’ve received your communication and I won’t leave it unanswered.

CoinDesk reached out to the Renaissance party for a comment on its crypto stance.