French President Emmanuel Macron dissolved parliament and ordered a quick election after his ruling Renaissance party received only around half of the seats won by Marine Le Pen’s National Rally in the European Parliament elections. The two rounds of voting are scheduled to take place on June 30 and July 7. The election is unlikely to reverse the country’s gains in the cryptocurrency business. It registered 74 cryptocurrency companies last year, with the number anticipated to increase to 100, and French officials have recently tried to recruit more digital asset companies.The United Kingdom, whose government has stated that it aspires to be a crypto hub, now has only 44 registered cryptocurrency enterprises.
Macron, who was initially elected president in 2017, called the election after the National Rally, also known as Rassemblement National, won 31.4% of the seats available to French candidates. That surpassed the performance of Besoin d’Europe, the EU’s spokesperson for Renaissance. France, the EU’s second-largest member by population, was granted 81 seats out of 720. Germany, the largest, receives 96 seats.
“I have heard your message,” Macron said in a televised address, “and I will not let it go without a response.”
Last year, the EU, a trading union of 27 nations, passed a comprehensive, first-of-its-kind crypto package known as the Markets in Crypto Assets (MiCA) legislation.The laws enable crypto firms to operate throughout the EU if they obtain a crypto asset service provider license in any member country. The package will go into effect for stablecoin issuers on June 30, with the remainder of the legislation becoming effective by the end of the year.
“I have heard your message,” Macron said in a televised address, “and I will not let it go without a response.”