French elections: what Marine Le Pen’s victory could mean for crypto

With Marine Le Pen’s National Rally leading in the first round of France’s parliamentary elections, questions arise about potential changes in the crypto landscape.

Marine Le Pen’s far-right National Rally (NR) party’s victory in the first round of the French parliamentary elections marks a significant shift in the country’s political landscape. The National Rally’s commanding lead with 33.2% of the vote eclipsed the leftwing New Popular Front’s 28% and President Emmanuel Macron’s Ensemble alliance’s 22.4%, marking analysts speculating on potential implications for the crypto sector.

Historically, the NR has maintained an ambiguous stance on crypto. In a 2016 note, Marine Le Pen indicated her intention to “prevent the use of cryptocurrencies such as Bitcoin in France,” aligning with the party’s economic nationalism. However, recent years have seen less vocal opposition from Le Pen on this matter, leaving uncertainty about the party’s current position on digital assets.

President Macron’s administration, while not unequivocally crypto-friendly, has pursued the so-called measured approach, advocating for regulatory frameworks to mitigate the risks associated with cryptocurrency trading to balance investor protection with fostering innovation in the burgeoning sector.

Under Macron’s leadership, it’s still hard to say that France has fully become a crypto-friendly hub. Regulatory bodies have maintained scrutiny over cryptocurrency exchanges, particularly concerning anti-money laundering (AML) protocols and advertising practices.

Since 2016, Marine Le Pen has toned down her criticism of the crypto market, prompting speculation over her current stance on the matter. Still, a major concern for crypto businesses might not be the regulation, but whether Le Pen is still interested in leading France out of the EU, given her previous indication of not blocking moves towards greater independence. However, that question is unlikely to arise among crypto firms until 2027, when France will hold its next presidential election.

Circle, Gemini, and Crypto.com are among several international crypto firms that have selected Paris as their hub for providing services within the EU. As of press time, they haven’t publicly indicated any plans to withdraw from France.