Paris crypto scene thrown into uncertainty by Macron’s snap election.
President Emmanuel Macron has been a long-time supporter of the cryptocurrency industry in France, offering tax incentives and support for startups. However, with a potential shift in power looming in the country’s legislature, industry experts are keeping a close eye on the impact this could have, especially with the upcoming introduction of the Markets in Crypto-Assets law.
The election on June 30 could lead to a change in policy for the crypto industry, as the new government would need to engage with the European Commission on incoming regulations. Despite uncertainties surrounding Macron’s legacy in the industry, his administration has made significant strides to position France as a major player in the crypto world.
Since 2017, France has seen a surge in crypto activity, with several unicorns and a vibrant web3 culture emerging in Paris. The government has provided tax breaks and incubation opportunities for investors, attracting top crypto firms to set up shop in the city. However, there is concern that this momentum could be jeopardized if a new government takes office.
While there may not be immediate regulatory changes based on the election results, many industry players are closely monitoring the situation. A slight shift to the right in Brussels could potentially lead to a more innovation-friendly environment for the industry. Despite the uncertainty, some familiar faces in the European Parliament are expected to continue shaping EU crypto policy in the coming years.
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