Marine Le Pen's far-right National Rally (RN) party came first in the first round of France's surprise general election on Sunday, according to the Interior Ministry. The RN, founded by Jean-Marie Le Pen, won about 19% of the registered vote. The opposition Left Unity came in second with 18.19%, while Ensemble, which includes President Emmanuel Macron's Renaissance party, came in third with 13.02%.
The second round of the elections will be held on July 7.
These results echo the RN's previous victory in the European Parliament elections, which led to Macron's decision to cancel the election. Macron stated that he did not consider resigning despite the results. However, his party's failure to gain a majority of 289 seats may make it difficult to pass laws.
Evaluating the effects of the election, Mark Foster, EU policy leader of the Crypto Innovation Council, said: “It is difficult to say what will happen next week, but it is clear that Macron is taking risks at this stage. I was hoping that the RN would not do as well in the legislative elections as they did in the European elections, but they actually scored higher. The new parliament will be under the influence of far-left and right-wing groups, making it difficult to develop domestic policies (including crypto and digital assets). "This will also limit the president's authority on the international and European stages," he said.
Led by Marine Le Pen and led by Jordan Bardella, the RN aims to cut funding to the European Union, reduce immigration, abolish birthright citizenship and deport foreign criminals. The party has been accused of xenophobia and anti-Semitism.
Candidates who do not receive at least 12.5% of the local registered votes in the first round of the election are eliminated. In the second round, the remaining candidates in each constituency will compete.
France has made significant progress in the crypto sector. Last year, 74 crypto companies were registered in the country and this number is expected to be increased to 100. Regulators are trying to attract more crypto businesses.
The European Union's Crypto Asset Markets (MiCA) legislation, which includes measures for stablecoins, was adopted last year. While stablecoin rules have already come into effect, the rest of the legislation is expected to be implemented by the end of the year. France's current crypto regulations may give the country an advantage in implementing MiCA.
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