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Secretary of State for Digital Affairs: Savoyards 'largely renewed their confidence in me'

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Marina Ferrari, Secretary of State for Digital Affairs, was re-elected | X/Marina_Ferrari

Marina Ferrari, France's Secretary of State for Digital Affairs, announced her re-election in Savoie's 1st constituency. Ferrari shared her statement in a July 7 post on X.

"Thank you to all the Savoyards who largely renewed their confidence in me this evening," said Ferrari. "At the local level, as at the national level, I will be keen to reduce the territorial divides that I was once again able to identify during this campaign. I will put all my strength and energy into it."

According to Le Monde, Ferrari, who has represented Savoie's 1st constituency, won 58.08% of the vote in the second round of France's parliamentary elections. She defeated Typhanie Degois of The Republicans-National Rally.

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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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European banking authority issues new guidelines for crypto providers to comply with restrictive measures

On November 14, the European Banking Authority (EBA) released comprehensive guidelines for Payment Service Providers (PSPs) and Crypto-Asset Service Providers (CASPs) to ensure alignment with European Union (EU) and national restrictive measures. These guidelines aim to reduce risks and strengthen compliance when transferring funds or crypto assets.

Nov 22, 2024

New crypto regulations aim to keep startups from 'sailing away' to the U.S.

The UK government is set to introduce new cryptocurrency regulations aimed at countering the growing appeal of the United States as a destination for crypto businesses. In response to concerns of regulatory delays following Brexit, the legislation focuses on establishing a clearer framework for stablecoins and staking activities, with the goal of strengthening the UK’s position as a global hub for digital assets.

Nov 22, 2024

OpenAI chooses Paris as its new home base

OpenAI, the world’s largest artificial intelligence company, has announced it will establish a new base in Paris.

Nov 20, 2024

Crypto investors sound alarm on UK’s capital gains tax hike and regulatory pressure

On October 30, UK Chancellor Rachel Reeves announced a capital gains tax (CGT) rate increase for high-income individuals, raising it to 24%. This change has raised concerns in the cryptocurrency community, where some investors fear that increased tax and regulatory pressures will diminish the UK's appeal for digital asset investment.

Nov 20, 2024

UK’s digital assets bill brings much-needed clarity to digital asset regulation

On November 6, the UK government issued an updated version of the Property (Digital Assets Etc.) Bill, clarifying its approach to defining digital assets, including crypto tokens, as recognized property under English law. The update aims to provide greater security and clarity for individuals and businesses engaging with digital assets.

Nov 20, 2024

Outlier Ventures CCO: People may use a 'more efficient, much less costly system to achieve the same user benefit'

Matt Law, Chief Commercial Officer at Outlier Ventures, said that it would not "surprise" him if many people embrace "more efficient," cost-effective systems like tokenization to gain the "same user benefit."

Nov 16, 2024

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