The French Senate has reached a unanimous agreement on a bill that aims to regulate promotions by influencers for a wide variety of industries.
The revised bill now only requires crypto firms registered with the Financial Markets Authority (AMF) — the nation’s financial regulator — to use influencers for their marketing efforts.
The earlier draft of the bill allowed only licensed crypto companies to engage in influencer marketing. However, while crypto companies are currently required to register with the regulator, none are currently licensed in France nor are they legally required to do so.
The exact wording of the agreed bill is yet to be published. Currently, there are roughly 60 crypto firms registered with the AMF, and none have undertaken the optional licensing.
Translated, French lawmakers Arthur Delaporte and Stéphane Vojetta’s release said “only financial products and cryptocurrencies from players registered with the AMF may be promoted” and agents from the financial watchdog, along with the regulator for consumer affairs would “have their control capacities strengthened.”
Penalties for failure to comply with the laws include up to two years imprisonment and a 300,000 euro ($322,000) fine, along with the possibility of banning the influencer activity.
Influencers’ promotion of other products has also been restricted, including nicotine products such as vapes. A prohibition on showing sports betting and gambling products to those under 18 years old would also come into effect.
Judith Faith has been writing about cryptocurrencies and blockchain technology for over five years. She is well versed in the industry and has an extensive network of industry contacts. She is also a frequent contributor to various cryptocurrency publications. With her vast knowledge and experience, she is able to provide insightful and valuable content to her readers. Judith is also an active investor in the cryptocurrency space and has a vested interest in the success of the industry.
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