• Crypto advocates say that the upcoming European elections will not hinder the European Union regulatory framework, the Markets in Crypto Assets legislation which takes effect this year.
  • The European Parliament elections, which just concluded, could indicate possible local election results. However these are unlikely to have an impact on crypto legislation at national level.

Industry advocates claim that the upcoming crypto policies and legislation in Europe will not be affected by elections taking place across Europe.

Earlier this month, the European Union held its first-ever bloc-wide elections. This resulted in a significant shift in power in the coming five years. After the European Union’s election this month, France, Austria and Germany, among others, announced their own elections in the months to come. Additional elections are expected by the end of next year.

This year, elections have already been held in Croatia, Finland and Lithuania, as well as in Portugal. In Hungary, a new President was also elected.

The European Parliament (EP), election was completed on June 9, 2009. After the votes from the 27 member countries were counted, the parliament ended up slightly leaning to the right. Mark Foster, EU policy lead for the Crypto Council for Innovation, explained that this shift may allow for innovation-friendly policies. This is in part due to the appointments of France and Austria. The EU’s crypto journey was re-elected for officials like Stefan Berger and Ondrej Kvarik, who were key players in the EU.

Read more: EU vote sees reelection of some officials with key roles in Bloc’s crypto journey

The EU’s wide-ranging package for crypto, the <a href="https://www.coindesk.com/learn/what-is-mica-and-what-does-it-mean-for-crypto-users-in-europe/#:~:text=Market%20in%20Crypto%2DAssets%20(MiCA,to%20crypto%20assets%20and%20stablecoins. The Markets in Crypto Assets (MiCA) legislation was passed last year, and will start taking effect in 2019. The stablecoin rules from this package of rules will come into effect on June 30. The rest of the legislation is expected to take effect in December.

In a press release, Jonathan Galea of BCAS, an advisory firm that specializes in regulatory matters, said: “The elections have no bearing on MiCA as it currently exists.” The package had already been finalized, according to the statement.

The European elections will not directly impact MiCA. However, it is up to each nation to provide crypto firms with the licensing regimes they need to meet the requirements of the EU. Regulators told CoinDesk that most countries are ready for MiCA implementation.

Foster stated in his statement that the national/EP election will not really affect implementation, which goes to EU authorities… and national competent authorities.” Foster was referring to the European Banking Authority and European Securities and Markets Authority.

You can read more about how EU nations are preparing to enforce MiCA

What’s next?

This year, there are likely to be more general elections. France’s President Emmanuel Macron announced a surprise parliamentary vote (separate to the presidential election in the country) after his ruling Renaissance party only secured about half of the seats Marine Le Pen’s National Rally won at the European Parliament elections.

France will hold two rounds of voting between June 30th and July 7th, and it is unlikely that the results will undo any legislation already passed on crypto. Local officials expect this number to increase to 100 by the end of this year, as regulators try to attract more digital assets firms.

Austria will also hold a general elections this year, on September 29. This election will elect a new National Council which is responsible for proposing and passing laws (which is different from the Presidential election). The polls show that the far right Freedom Party currently leads its rival .

Germany will be voting next year as well. It is one of the EU’s largest nations, with the highest number of seats in the EU Parliament. In the country, citizens will vote in the national German Bundestag elections.

The controversial extreme-right Alternative for Germany placed second in the country, securing 15,9% of the 96 available seats for the nation. They even defeated the coalition parties in the country – the Greens and the Social Democrat Party.

Foster stated that “I would expect the trend of the right-wing and far-right parties in France, Austria, and Germany to be repeated in time, but I don’t believe they will receive the same level support as in the European Parliament elections.”

A general election is due in the Republic of Ireland which, among other things, has granted a licence for Coinbase, Ramp Network , a crypto infrastructure company, and exchange , Crypto.com.

Sinn Fein’s popularity has declined in the country. Sinn Fein won the most seats at the 2022 Assembly Elections, and the Democratic Unionist Party was in second place. At the recent EP election , Sinn Fein placed in fourth place. The right-wing Fine Gael was first and the right-wing Fianna Fail second.

BBC reported May that Ukraine’s current president Volodymyr Zelensky was due to retire and a new election would be held this year. However, the nation wanted to see the end of the war with Russia before holding another election.

Last year, elections were held in the Czech Republic, Republic of Cyprus (also known as Cyprus), Estonia, Netherlands, Poland Slovakia, and Spain. Denmark, Hungary and Slovenia should hold elections in 2026. Malta and Italy will have their elections 2027 when France holds its next presidential elections.

Commissioners

After the recent elections each Head of State – represents in the European Council– designsates their Commission Candidate and the European Parliament has the final say.

The European crypto community is waiting for rules on blockchain to be implemented. The EU Commission is the executive body of the EU and has the responsibility to create new legislation. No changes will be made before the commissioners have set their priorities at the end of this year.

Robert Kopitsch, the Secretary General of Blockchain for Europe, believes that Ursula von der Leyen will likely be reelected. He said this at CoinDesk’s Consensus conference in 2024. leaders of the EU have already endorsed von der Leyen’s bid for a second-term. Next month, the EU Parliament will elect the president of this body.

Kopitsch said that cryptocurrency “isn’t a top issue” in this region.

Nikhilesh De.