Note that the topic of cryptocurrencies in Europe had already been raised the day before. In particular, in early April, the European Parliament approved restrictions on the use of independent - or non-custodial - cryptocurrency wallets. As a result, users will now have to share personal details when transferring crypto equivalent of more than a thousand euros to wallets that do not belong to exchanges and other centralised services.

Representatives of the blockchain community predictably saw the decision as a threat to user privacy. Coinbase CEO Brian Armstrong also spoke out about the situation. Read more about it in a separate article.


What will happen to crypto in Europe?

According to Cointelegraph, during his presidency, Emmanuel Macron has barely touched the topic of cryptocurrencies or digital assets in general in public discussion. In the aforementioned interview, he emphasised the importance of the sector and also stated the need for a pan-European approach to regulating finance-related technologies.

The interview with the French publication The Big Wale was conducted on Friday, which is two days before the second round of the election. According to most polls, Macron is likely to win, but the margin is not expected to be particularly large. Recall that he beat Le Pen in the 2017 election with 66.1 per cent of the vote in the second round.

Presidential candidate Marine Le Pen

Answering a series of questions about the digital economy, the Web 3 world and cryptocurrencies, the incumbent stuck to his trademark caution about innovation. Here’s his rejoinder, in which the politician shares his view of the situation

This is an opportunity that should not be missed for France and Europe to lead future generations of the Web. But it is also a social and societal challenge.

In other words, Macron cautiously acknowledges the potential of the digital asset sector, but immediately admits a caveat. Obviously, this is done as a space for additional regulation of the niche, initiatives on which have already been announced. In particular, earlier this year, the vice-chairman of the European Securities and Markets Authority expressed concern about the impact of cryptocurrency mining on the world's environment. Read more about this in a separate article.

Macron noted with satisfaction that during his presidency the number of French unicorn companies, i.e. private startups worth a billion dollars or more, has grown from 3 to 26, and the total investment in French startups has increased fivefold. He also mentioned setting a target of 100 French companies with unicorn status and 10 European giants by 2030. One way to achieve that goal, Macron said, would be to expand programming education in public schools to train more than 400,000 developers over the next five years.

Results of the first round of the French presidential election

The president also dwelled on the discussion of a “European meta-universe”. According to him, it is important that European players are not dependent on American or Chinese technology giants “mastering Web 3-related innovations”. Europe, he said, has an advantage in the unique NFT token sector because of its vast cultural heritage. Here’s his rejoinder.

We cannot consider our cultural policy without this revolution. I want our major cultural institutions to develop a policy to implement NFT by promoting, distributing and protecting digital versions or variations of their physical collections.

Current French President Emmanuel Macron

Commenting on the cryptocurrency rules recently adopted by the European Parliament, Macron supported the current approach. He also noted that the new rules should not hinder innovation.

I do not believe in a self-regulated financial sector. It would be neither sustainable nor democratic. It is up to the public authorities to set the right conditions that will allow the sector to develop confidently while encouraging innovation.

On top of all that, the 44-year-old politician also supported the digital euro initiative. So far, however, it has not been strongly supported by ordinary investors in the EU, who recently participated in a public survey on the subject. Be that as it may, after Macron’s eventual victory in the presidential election, the crypto-industry will still face new regulatory rules within the EU.


We think that the French president's comments do sound a little too neat, although there is generally some positivity in them. In this case, the politician cautiously acknowledges the potential of the industry and believes that Europe can become one of the industry leaders. Time will tell whether the actions of the EU authorities will contribute to this. However, the situation will be clearer tomorrow after the final vote.


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