Regulation
Laser-eyed candidate cuts lonely path in French election as cryptocurrencies ponder uncertain future – DL News
- France boasts one of the highest cryptocurrency penetration rates in Europe with 6.5 million users.
- “One thing is for sure: Macron was a good deal for cryptocurrencies.”
- Cryptocurrencies have not yet become a topic of discussion in the election campaign, just days before the June 30 elections.
Cryptocurrencies may not be a hot issue in this Sunday’s French parliamentary elections.
But one candidate made digital assets the centerpiece of his campaign.
“In the digital age, Bitcoin is a powerful tool of individual sovereignty and yet ignored by different political currents,” he wrote Aurore Galves Orjol, candidate for the parliamentary elections, in her brochure in view of the elections of 30 June.
Orjol, a Bitcoin consultant, is not associated with a political party and is running in a small constituency near Lyon, France’s third-most populous city.
“Vote Orange!” reads his pamphlet, a nod to the color of Bitcoin’s most popular logo. His Account X profile picture features laser eyes.
With her constituency dominated by the center and far right, the 33-year-old cryptocurrency advocate has a long shot at winning a seat in the French parliament.
In France, according to a study, 12% of the population, or 6.5 million people, own crypto-assets. relationship led by the French trade association Adan. This is up from 9.6% in 2023.
Crypto Hub
France is home to one of Europe’s most developed crypto ecosystems thanks to President Emmanuel Macron’s government’s policies to attract foreign investors and innovation.
Join the community to get our latest stories and updates
While cryptocurrencies have become less of an issue in the US presidential campaign thanks to Donald Trump’s support, France is rather indifferent regarding digital assets.
“One thing is for sure: Macron was a good deal for cryptocurrencies.”
— William O’Rorke, ORWL Attorney.
Cryptocurrencies did not appear in last-minute posters ahead of snap elections called by Macron after his Renaissance party was defeated by the far-right National Rally in June’s European Parliament elections.
The National Rally, led by Marine Le Pen, is in the lead surveys with 36% as of Tuesday. The party does not have a clear position on the cryptocurrency sector, but yes promise to combat financial fraud.
Cryptocurrencies are probably pushing Macron to a victory.
“I think Macron has the least risk,” said Jerome de Tychey, president of Ethereum France and founder of web3 game development platform Cometh.
“There’s a little more risk on the right and a lot more risk on the left,” he said DL News.
I’m not into cryptocurrencies
On the left, politicians have historically not been in favor of cryptocurrencies.
“In government-funded start-ups, I have seen hundreds of millions of euros invested in making digital sandwiches,” Socialist Senator Alexandre Ouizille said during a television appearance on Monday.
He was referring to one of France’s web3 unicorns, the Sorare gaming platform which issues football collectibles.
Ouizille has promised that his party will tax the richest 1% and direct funds to the public sector. “What we propose is to restore balance to all this,” he said in French.
This reflects the precedent of the Socialist Party statements highlighting the volatility of cryptocurrencies and money laundering risks.
France has a large crypto hub. The country is a breeding ground for several web 3 unicorns and many start-ups, hosts the offices of the world’s largest crypto companies and has one of the highest numbers of registered crypto platforms in Europe.
This is no coincidence. The Web 3 ecosystem has been aided by policies adopted during Macron’s seven-year tenure, such as favorable tax breaks for start-ups and incubation opportunities for investors.
France was also one of the first jurisdictions to develop new rules for digital assets. The National Licensing Law of 2019 had an influence in the drafting of the Markets in Crypto-Assets regulation at the European Union level.
Top government officials have personally welcomed the largest cryptocurrency exchanges such as Binance and OKX. The country is considered a European base for major industry players such as Circle.
Other politicians such as Paul Midy of Renaissance have also supported the French crypto ecosystem.
Regulatory tracks
However, many crypto stakeholders in France remain unmoved. The ecosystem may be mature enough to hold its ground, industry representatives say.
This is also because the regulatory regime for cryptocurrencies in France is firmly on track.
Regulation on cryptocurrency markets will come into force for stablecoins on June 30, while licensing rules for cryptocurrency companies will come into force in France essentially at the end of 2025.
The Financial Markets Authority has an existing relationship with the industry with over 100 registrations and a number of applications for MiCA.
“I don’t think cryptocurrency regulation in France is that sensitive to the color of the political parties that will be in power,” said William O’Rorke, partner at French law firm ORWL Avocats.
Macron’s Renaissance party will lose power, reflecting his decline in popularity among French voters.
“But one thing is for sure: Macron was a good deal for crypto,” O’Rorke said.
Inbar Preiss writes about regulation for DL News. Got a tip? Email her at inbar@dlnews.com.