While Emmanuel Macron and Marine Le Pen face each other in a debate on television this Wednesday night, BFM crypto is taking stock of their positions on cryptocurrencies.
Although 8% of French people have cryptocurrencies, the topic is almost absent in the candidates’ programs for the presidential election.
Change of position for Marine Le Pen
In 2017, Marine Le Pen, president of the National Rally (formerly National Front), spoke out in favor of banning bitcoin as it considered it dangerous. At that time, bitcoin, although very volatile, began to gain popularity. Five years later, Marine Le Pen, who faces Emmanuel Macron for the second time in the second round of the presidential election, has changed his mind about cryptocurrencies. It is no longer a matter of banning bitcoin, but of regulating it.
“Marine Le Pen wants to regulate bitcoin to avoid deregulation of the financial markets, to avoid a speculative bubble. She also warned that there could be traffic in cryptocurrencies, and therefore it is important to regulate them,” explains Bénédicte Augé , market analyst at XTB France.
In its campaign program, Marine Le Pen prefers the term cryptocurrencies over the term cryptocurrencies according to the position of the Autorité des marchés financiers (AMF). Its program specifies that “cryptoassets shall be placed under the common system of financial markets”. This position was described in Les Numériques by Jean-Lin Lacapelle, Marine Le Pen’s Digital Campaign Manager.
“We want to integrate them into the general legislation of financial markets: it is beneficial for holders of cryptocurrencies (…); and it is also beneficial for society, because it makes it possible to fight fraud, to qualify criminally and to prosecute insider trading. and price manipulation, which is legion in these markets “.
Rassemblement National plans to propose a reduced tax regime for cryptocurrencies supported “for technological projects of general interest identified by the state to promote private investment”. A rather attractive proposal for the French cryptocurrency ecosystem.
Today, exchange rate gains on cryptocurrencies fall within the framework of 30% “flat tax”. This is called a single unit tax (or PFU), which consists of 12.8% income tax and 17.2% social security contributions. However, taxpayers may choose to choose the progressive income tax scale if this is more advantageous. Finally, there is a tax exemption if all the taxable transfers throughout the year are less than 305 euros in capital gains.
Emmanuel Macron for a “European metaverse”
If Emmanuel Macron has taken measures to regulate cryptocurrencies during his term of office (especially to clarify the taxation that applies), the theme is absent from his program. On the other hand, the candidate recently provoked the creation of a “European metaverse”, which would put the capacity of all European actors in relation to the subject.
“We will fight to build a European metaverse. This is a key issue both for creation but also for the ability to give all our creators, regardless of their cultural field and field of activity, the opportunity to create and not be dependent on Anglo – Saxon or Chinese actors. or aggregators who will be able to completely circumvent the rules of respect for copyright or related rights, “Emmanuel Macron declared on March 17, 2022, at a news conference.
While Marine Le Pen has made a strategic change in relation to cryptocurrencies, Emmanuel Macron thus appears to want to remain on the same line in relation to these assets.
“We know that Emmanuel Macron wants to continue to strengthen regulation because cryptocurrencies are still at risk of cyber attacks. Emmanuel Macron wants to continue to act in this direction, to continue to regulate cryptocurrencies and to increase France’s competitiveness. regarding the field of blockchain “, Bénédicte Augé specifies.
Among the measures taken by Emmanuel Macron during his mandate, the Pacts Act created the status of digital asset service providers (PSANs), giving credibility to players obtaining approval issued by AMF.
“I defended a balanced line by adapting the rules to defend fair taxation and protect savers, while showing flexibility not to slow down innovation and new uses. The Finance Act for 2022 has further clarified the tax framework for cryptocurrencies. We are moving towards a stable and simple framework.I am also pleased to see French players imposing themselves globally in the field of cryptocurrencies, such as Ledger or Sorare, and to attract major foreign players to our territory for their establishment. remain vigilant against the environmental impact of these new technologies and to ensure that the attraction of cryptocurrencies does not deprive our real economy of the funding it needs, “added Emmanuel Macron at Zonebourse in early April.
A debate that is now taking place at European level
While France heads the EU presidency, Emmanuel Macron has not yet commented on current debates on European rules, in particular on Mica (for “Market in Crypto Assets”, which aims to regulate the crypto market) and TFR (for “Transfer”). of Funds Regulation “, which aims to combat money laundering by money transfers).
If the two candidates say a little on the subject of cryptocurrencies, “it’s because France will no longer have much leeway in terms of cryptocurrencies. Heads of state will have their say in the context of the European trilogy. it is at European level that everything is now played out “, the French deputy Pierre Person (LREM) confides to BFM Crypto, initially about several changes in the taxation applicable to cryptocurrencies under the current mandate.
In the end, Marine Le Pen and Emmanuel Macron understood, “that we must propose a framework for developing companies in the sector, in order to make France competitive with other countries”, emphasizes Bénédicte Augé. “We can ask ourselves questions about Marine Le Pen’s turn on cryptocurrencies, again on the eve of a presidential campaign,” Bénédicte Augé wonders.