The global conversation around digital assets continues to evolve, and France is emerging as a key player in shaping a forward-thinking regulatory environment. Eric Zemmour, a prominent French presidential candidate, has made headlines by advocating for robust support of the cryptocurrency ecosystem. During a recent visit to Ledger—a leading French company in crypto asset security—Zemmour outlined a comprehensive policy vision that could redefine how France approaches blockchain innovation, taxation, and digital finance.
His proposal comes at a pivotal moment, as governments worldwide grapple with balancing innovation and regulation in the fast-moving crypto space. Zemmour’s stance emphasizes economic empowerment, regulatory clarity, and technological sovereignty—themes that resonate with both investors and innovators.
A Pro-Innovation Policy Framework
Zemmour’s four-point plan reflects a deep understanding of the challenges and opportunities within the crypto industry:
- Tax Incentives for Real-Economy Investment
Zemmour proposes allowing cryptocurrency holders to reduce their tax burden by reinvesting capital gains into tangible economic ventures. This incentive aims to bridge the gap between digital wealth and physical economic growth, encouraging innovation, job creation, and infrastructure development. - Regulatory Relief for Crypto Professionals
The candidate criticizes the current "hellish" regulatory environment for crypto professionals, especially in light of rapidly shifting European market policies. He calls for streamlined compliance processes and predictable rules that foster business growth without compromising security or transparency. - Tailored Tax Treatment for NFTs
Recognizing the unique nature of non-fungible tokens (NFTs), Zemmour suggests implementing a specialized tax regime based on the underlying assets. Notably, he advocates removing NFT transfers from digital asset VAT obligations—a move that could stimulate creativity and commerce in digital art, gaming, and intellectual property. - Private Sector-Led Euro Stablecoins
Rather than waiting for the European Central Bank (ECB) to launch a digital euro, Zemmour supports allowing private entities to issue euro-backed stablecoins. This proactive approach aims to prevent non-European firms from dominating the stablecoin market and ensures European financial autonomy in the digital age.
👉 Discover how digital asset innovation is shaping the future of finance.
Broader Regulatory Context in France and Europe
Zemmour’s proposals align with broader discussions within French and European financial institutions. Denis Beau, First Deputy Governor of the Bank of France, recently highlighted the need for more direct oversight of decentralized finance (DeFi). In a speech published by the Bank for International Settlements, Beau noted that traditional regulatory frameworks struggle to apply to DeFi due to its decentralized structure—where protocols operate without clear intermediaries or jurisdictional boundaries.
While the EU's Markets in Crypto-Assets (MiCA) regulation marks significant progress, it currently lacks specific provisions for DeFi platforms. This gap underscores the urgency of innovative policy thinking like Zemmour’s, which seeks not only to regulate but also to empower emerging technologies.
Additionally, reports suggest that the French central bank has explored Ripple’s XRP ledger as a potential platform for issuing a digital euro. Although Bitcoin was deemed too volatile and Ethereum too decentralized for direct government control, Ripple’s hybrid model offers a balance between efficiency and oversight—making it an attractive option for central bank digital currency (CBDC) pilots.
France’s Evolving Tax Landscape for Crypto
France has already taken steps to create a more favorable tax environment for crypto investors. In April 2018, the French Council of State ruled that income from cryptocurrency trading should be treated as movable capital gains, taxed at a flat rate of 19%, plus a 17.2% social contribution (CSG), totaling 36.2%. This replaced an earlier regime where gains could be taxed up to 45%, marking a significant reduction and signaling early governmental recognition of crypto’s economic role.
Zemmour’s proposed tax reinvestment mechanism builds on this foundation, aiming to further incentivize productive use of digital asset profits.
Why Private Stablecoins Matter
One of the most strategic elements of Zemmour’s platform is his call for privately issued euro stablecoins. As global tech giants and U.S.-based firms like Circle (USDC) and Paxos (USDP) expand their footprint, there's growing concern about foreign dominance in digital finance.
By enabling French or European entities to issue regulated, euro-denominated stablecoins, Zemmour seeks to preserve monetary sovereignty and ensure that European consumers have access to fast, low-cost digital payments without relying on non-EU platforms.
This approach mirrors trends seen in other jurisdictions exploring central bank digital currencies (CBDCs), but with a crucial difference: it empowers the private sector to lead innovation under clear regulatory guardrails.
👉 Explore secure and scalable solutions for digital asset management today.
FAQ: Understanding France’s Crypto Policy Shift
Q: Is France currently supportive of cryptocurrency innovation?
A: Yes. France has implemented progressive tax policies and actively participates in EU-wide regulatory efforts like MiCA. The country also offers a "passporting" regime for crypto service providers, allowing licensed firms to operate across Europe.
Q: What are the risks of private euro stablecoins?
A: Risks include potential instability if reserves aren't properly managed, money laundering concerns, and systemic impact if widely adopted. However, these can be mitigated through strict licensing, audit requirements, and capital controls.
Q: How does DeFi challenge existing regulations?
A: DeFi platforms often lack centralized operators, making it difficult to assign legal responsibility. Smart contracts execute automatically across borders, complicating jurisdictional enforcement—a key issue regulators like Beau are trying to address.
Q: Will Zemmour’s proposals become law?
A: While not guaranteed, his platform contributes to a national debate that may influence future legislation, regardless of election outcomes. Even opponents may adopt similar ideas to remain competitive.
Q: Are NFTs currently taxed differently in France?
A: As of now, NFT transactions are generally subject to standard capital gains rules. Zemmour’s proposal would introduce differentiation based on asset type—potentially exempting certain NFTs from VAT.
Q: How does France compare to other EU countries on crypto?
A: France is among the more proactive EU nations, alongside Germany and Malta. It combines regulatory clarity with innovation incentives, positioning itself as a hub for blockchain startups and fintech investment.
The Road Ahead for European Crypto Policy
As digital finance reshapes global economies, political leaders like Eric Zemmour are helping define Europe’s role in this transformation. His vision—centered on tax innovation, regulatory pragmatism, and technological independence—offers a blueprint for how democracies can embrace blockchain without sacrificing stability or control.
With increasing institutional interest—from Coinbase expanding its workforce to new ETFs like Amplify’s inflation-fighting fund—the momentum behind digital assets shows no sign of slowing.
👉 Stay ahead of the curve in the evolving world of blockchain and digital finance.
France now stands at a crossroads: it can either lead Europe’s crypto revolution or risk falling behind. Zemmour’s proposals may well shape that decision—for investors, entrepreneurs, and policymakers alike.