The Entrance of Cryptocurrencies into French Political Debate
After advocating for the innovation savings account (a savings account similar to the French A account that funds innovative businesses), Eric Zemmour is now making headlines by bringing the crypto society into the presidential campaign.
For the presidential election, he is the first political candidate to visit Ledger, a famous (former) French start-up specializing in the design and marketing of physical cryptocurrency wallets. He went there to discuss the challenges of the sector, right at the heart of the company.
After visiting the company, the presidential candidate announced his initial ideas aimed at supporting the development of the crypto society and, more broadly, blockchain technologies. While he is the first candidate to mention it during a presidential campaign, the ADAN had recently provided the impetus by publishing a guide on cryptocurrency titled ‘For the attention of the candidates for the 2022 presidential election,’ which contains a series of suggestions relevant to both businesses and individuals.
Without getting involved in the French political campaign, we would like to review the candidate’s proposed measures for the election. Because he is the first – but not the last, as the company has stated that four other candidates will visit soon – to do so for our country. Which party will be next? Marine Le Pen? Emmanuel Macron?
The ADAN Crypto Guide
In January 2022, the ADAN published a guide containing around twenty recommendations for the candidates running in the 2022 presidential election. The objective of the association is to “strengthen the development of the French digital asset industry.”
Among the 20 proposals, a few caught our attention:
1: “Explicitly identify blockchain and cryptocurrencies as future technologies and define a national acceleration strategy for innovation in this field.”
2: “Promote the development of privately-owned and European-backed cryptocurrency initiatives tied to fiat currencies, in addition to a central bank digital euro.”
6: “Implement fiscal mechanisms that allow investors who make capital gains to reinvest them in the real world, particularly through business financing.”
Without discussing the more specific proposals (n°6), we note that the suggestions tend to favor a more widespread acceptance of the blockchain ecosystem within our society (n°1 and 2).
For more information on ADAN’s recommendations, visit: https://adan.eu/rapport/manifeste-election-presidentielle-2022-crypto
Eric Zemmour’s Crypto Proposals
In general, the candidate without a party’s program for the digital sector is based on three pillars: creating the conditions for our digital sovereignty within our society, supporting French digital champions, and providing our country with the means to achieve its digital ambitions.
These considerations are general, but after his visit to Ledger’s headquarters, he announced four main measures for the presidential race:
Proposal 1: Allow crypto holders to reduce their taxation by reinvesting their crypto assets gains in the real world. This proposal was previously suggested by ADAN and was also under discussion during the adoption of the 2022 budget law. Surprisingly, lawmakers ultimately rejected it, considering the taxation of cryptocurrencies to be favorable enough for the time being.
Proposal 2: Put an end to administrative burdens for cryptocurrency professionals, especially due to community transposition. This proposal is desirable given the administrative challenges in France. This is precisely why many professionals choose to move abroad, where administrative formalities are simpler, and entrepreneurs are encouraged and supported.
Proposal 3: Create a specific tax regime for the sale of NFTs based on their underlying assets, expressly excluding them from the capital gains regime for cryptocurrencies. This proposal establishes a separate regime for NFTs, which is particularly welcome considering the increasing popularity of these assets. NFTs that authenticate physical assets are rapidly growing.
Proposal 4: Foster the emergence of private European stablecoins tied to the Euro, without waiting for the ECB’s digital Euro project, in order to prevent the monopoly of stablecoins by non-European entities.
A representative of Emmanuel Macron has already responded favorably to Ledger’s invitation, so stay informed by following Coin Academy; we will provide updates on the matter throughout the campaign.
