Macron backs MiCA, the EU cryptocurrency regulation bill

French President Emmanuel Macron “does not believe in a self-regulating financial sector”, and therefore supports the cryptocurrency regulation bill MiCA. The politician said this in an interview with The Big Whale.

“I don’t believe in a self-regulating financial sector. It will not be stable or democratic. It is the government authorities that must determine the right conditions that will allow the sector to develop confidently, encouraging innovation”, he said.

In March 2022, the Committee on Economic and Monetary Affairs of the European Parliament by a majority vote adopted MiCA. Further discussion of the bill will take place at the level of the Council of the EU and the European Commission.

The French president also supported the idea of creating a digital euro. In his view, the implementation of the MiCA law would achieve greater progress on this issue.

Macron called the Web 3.0 industry “an opportunity that cannot be missed.” He said that France and Europe have a chance to become the vanguard of “a new generation of the internet.”

At the same time, the politician said that the rapid pace of technological development creates a digital divide between “owners of digital technologies, AI, quantum computing, blockchain” and those excluded from this system.

Macron has long advocated the active use of blockchain in France. In 2019 he stated that deploying distributed ledger technology in the supply chains of the agro-industrial complex would allow the country to compete with the Russian Federation.

In April 2022, crypto companies urged the European Union to back away from tighter regulation of the industry.

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