What Emmanuel Macron and Marine Le Pen think about cryptocurrency

While Emmanuel Macron and Marine Le Pen will face each other in a televised debate on Wednesday night, BFM Crypto is assessing their positions on cryptocurrencies.

Although 8% of the French own cryptocurrency, the topic has remained almost absent from the programs of presidential candidates.

Marine Le Pen’s change of heart

In 2017, Marine Le Pen, president of the National Rally (formerly the National Front) spoke out in favor of banning bitcoin, considering it dangerous. At that time, Bitcoin, despite its high volatility, was beginning to gain popularity. Five years later, Marine Le Pen, who is facing Emmanuel Macron for the second time in the second round of the presidential election, has changed her mind about crypto assets. It’s no longer about banning bitcoin, it’s about regulating it.

“Marine Le Pen wants to regulate bitcoin to avoid the liberalization of financial markets, to avoid a speculative bubble. She also warns that there may be trading in cryptocurrencies, and therefore it is important to regulate it,” explains Benedict Ogi, market analyst at XTB France.

In her campaign platform, Marine Le Pen prefers the term crypto-assets over cryptocurrency, according to the Autorité des marchés (AMF) funder post. Its platform specifies that “crypto assets must be placed under the Common System of Financial Markets.” This post is detailed in Les Numériques by Jean-Lin Lacapelle, Marine Le Pen’s Digital Campaign Director.

“We want to incorporate it into the common law of financial markets: it is good for holders of crypto-assets (…); it is also good for society, because it makes it possible to fight fraud, criminally qualified and to pursue insider trading and price manipulation that are prevalent in these markets.”

Rassemblement National plans to propose a reduced tax regime for backed cryptocurrencies “for technological projects of public interest determined by the state, in order to promote private investment.” A rather attractive proposal for the French cryptocurrency ecosystem.

Today, capital gains on cryptocurrencies fall within the 30% “flat tax” range. This is called the standard rate tax (or PFU), and it consists of 12.8% income tax and 17.2% Social Security contributions. However, taxpayers can opt for the progressive scale of the income tax, if that is more advantageous. Finally, there is a tax exemption if all taxable disposals throughout the year are less than €305 of capital gains.

Emmanuel Macron on the “European metaverse”

If Emmanuel Macron has taken measures to regulate cryptocurrency during his tenure (in particular to clarify applicable taxes), the topic is absent from his platform. On the other hand, the candidate recently raised the creation of a “European metaverse”, which would place in relation to the capabilities of all European actors in this topic.

“Nous nous battrons pour bâtir un métavers européen. C’est un sujet clé clé à la fois pour la création, mais aussi pour la capacité à permettre à tous nos créateurs, quels que soient leurs champs’ culturels activers et leurs, et de ne pas dépendre d’acteurs ou d’agrégateurs anglo-saxons ou chinois, qui pourront totalement contourner les règles de respect des droits d’auteur ou des droits voisins”, a déclaré Emmanuel Macron 2022′ le lors mar 17 Press Conference.

Thus, while Marine Le Pen has made a strategic change regarding cryptocurrencies, Emmanuel Macron seems to want to stay on the same line with regard to these assets.

“We know that Emmanuel Macron wants to continue to strengthen regulation, because cryptocurrencies are still exposed to the threat of cyber attacks. Emmanuel Macron wants to continue to work in this direction, to continue to regulate cryptocurrencies and to increase France’s competitiveness in the field of blockchain,” defines Bénédicte Augé.

Among the measures that Emmanuel Macron put in place during his tenure, the Pacte Act established a Providers Status on Digital Assets (PSAN), giving credibility to players who obtain approval issued by the AMF.

“I have advocated a balanced streak by adapting rules to defend fair taxes and protect savers, while showing flexibility so that innovation and new uses are not stifled. The Finance Act of 2022 has further clarified the tax framework for crypto assets. We are moving toward a stable and simple framework. I am pleased. It is also to see French players imposing themselves globally in the field of crypto assets, such as Ledger or Sorare, and attracting major foreign players to our territory to establish themselves. However, you must remain alert to the environmental impact of these new technologies and to ensure that the attraction of crypto assets does not deprive our real economy of The funding he needs,” Emmanuel Macron stated at Zonebourse at the beginning of April.

A discussion is taking place at the European level

While France holds the Presidency of the European Union, Emmanuel Macron has yet to comment on the current discussions in terms of European regulations, in particular on MICA (for “crypto-asset market”, which aims to regulate the cryptocurrency market) and TFR (for “money transfer regulation”, aimed at combating money laundering in the transfer of funds).

If the two candidates say little on the topic of cryptocurrency, “it is because France no longer has much scope in terms of cryptocurrencies. Heads of state will have their say in the context of the European trilogy while France put in place groundbreaking frameworks in 2018 and 2019 in relation to cryptocurrencies, everything has been done.” At the European level now,” French MP Pierre Pearson (LREM) originally tells BFM Crypto, several adjustments to taxes applicable to cryptocurrencies during the current mandate.

In the end, Marine Le Pen and Emmanuel Macron realized that “we must propose a framework for the development of companies in this sector, to make France competitive with other countries”, emphasizes Benedict Augé. “We can ask ourselves questions about Marine Le Pen’s reversal in cryptocurrency again on the eve of the presidential campaign,” Benedict Auge asks.

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