Macron’s Snap Election Shakes Government; Crypto Unaffected

French President Macron calls early elections after low turnout in EU Parliamentary polls. Despite political shifts, France’s crypto sector remains robust.

When Marine Le Pen’s National Rally won only over half of the seats in the European Parliament elections, French President Emmanuel Macron dissolved the legislature and called for an early election.

The two voting rounds are anticipated to occur on July 7 and June 30.

It’s unlikely that the election will reverse the nation’s cryptocurrency business advancements. It registered 74 cryptocurrency businesses last year, compared to an estimated 100, and French officials have been trying to draw in more firms that deal with digital assets. With just 44 registered cryptocurrency companies, the United Kingdom is a country that has expressed its desire to become a hub for the industry.

Macron, elected president for the first time in 2017, called the election following the National Rally’s (31.4%) victory for French candidates in the Rassemblement National. That exceeded the performance of Besoin d’Europe, the European Union’s Renaissance spokesman. France, with 81 seats out of 720, is the second-most populous country in the EU. The largest, Germany, is allocated 96 seats.

The EU, a trading bloc consisting of 27 countries, passed the Markets in Crypto Assets (MiCA) legislation last year, a comprehensive and unique collection of laws about cryptocurrencies. As long as a crypto asset service provider obtains a license in any member state, the regulations permit operations for crypto businesses throughout the EU. The remaining laws will go into force before the end of the year, with the package going into effect for stablecoin issuers on June 30.

Macron declared in a broadcast speech, “I have heard your message, and I will not let it go without a response.”

The Renaissance Party commented on their position on cryptocurrencies.