During her tenure as Secretary of State for Digital Affairs, Ferrari has highlighted France's leadership position in financial innovation and encouraged greater cooperation among traditional financial players, digital asset industry participants, and investors to ensure France maintains its position, according to Talos.
However, DL News reported that the leftist New Popular Front party secured the largest number of seats in the recent election. This development could threaten France's competitive edge in the digital asset industry. Members of the party have said they aim to abolish President Emmanuel Macron's tax cuts that he implemented to attract foreign investment in the crypto sector. The tax cuts were one reason, along with clear regulatory guidelines for crypto market participants implemented in 2019, that leading companies including Binance, Circle, and Crypto.com selected Paris as their European headquarters.
Faustine Fleuret, president of France's Association for the Development of Digital Assets (Adan), said changes in the country's tax regime are dependent upon several developments that have yet to unfold. "We do not know which coalitions might be formed, who the future Prime Minister will be, who the new president of the National Assembly will be, or who the heads and composition of the parliamentary committees will be," Fleuret said.
As Secretary of State for Digital Affairs, Ferrari is involved with policies related to strengthening digital skills and technology adoption. According to the European Union, Ferrari is also responsible for preparing and coordinating France's "digital transformation" policies.
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