With Marine Le Pen’s National Rally emerging as the frontrunner in the initial round of France’s parliamentary elections, there are speculations about potential changes in the cryptocurrency landscape.
The victory of Marine Le Pen’s far-right National Rally (NR) party in the first round of the French parliamentary elections signifies a significant shift in the country’s political landscape. The National Rally’s commanding lead with 33.2% of the vote surpassed the left-wing New Popular Front’s 28% and President Emmanuel Macron’s Ensemble alliance’s 22.4%, which has led analysts to ponder the potential implications for the crypto sector.
In the past, the NR has held an ambiguous position on cryptocurrencies. In a note from 2016, Marine Le Pen expressed her intention to “prevent the use of cryptocurrencies such as Bitcoin in France,” aligning with the party’s economic nationalism. However, in recent years, Le Pen has been less vocal about her opposition to digital assets, creating uncertainty about the party’s current stance.
Although President Macron’s administration does not wholeheartedly embrace cryptocurrencies, it has pursued a measured approach by advocating for regulatory frameworks that balance investor protection with fostering innovation in the growing sector.
Under Macron’s leadership, it is still difficult to classify France as a fully crypto-friendly hub. Regulatory bodies have maintained a watchful eye on cryptocurrency exchanges, particularly regarding anti-money laundering (AML) protocols and advertising practices.
Since 2016, Marine Le Pen has toned down her criticism of the crypto market, leading to speculation about her current position on the matter. However, for crypto businesses, the major concern may not be the regulation itself, but rather whether Le Pen remains committed to leading France out of the EU, as she has previously indicated a willingness to support moves towards greater independence. Nevertheless, this question is unlikely to arise among crypto firms until 2027, when France holds its next presidential election.
Several international crypto firms, including Circle, Gemini, and Crypto.com, have chosen Paris as their hub for providing services within the EU. As of now, they have not publicly indicated any plans to withdraw from France.
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