Restrictions eased in crypto influencer bill in France
26 May 2023
Lawmakers in France have reached an agreement to ease restrictions on a crypto bill originally proposed back in March.
The restrictions would have seriously limited locally registered crypto firms from utilising influencer marketing.
According to an early draft of the crypto bill, just licensed crypto companies were permitted to get involved with influencer marketing. That said, although, as it stands, cryptocurrency firms need to register with the regulator, none are currently licensed in France, and they aren’t legally obligated to do so, Cointelegraph reports.
The French Senate on Thursday said it has come to a unanimous agreement on a crypto bill that plans to regulate influencers’ promotions for a broad selection of industries.
Cryptocurrency firms now only need to register with the French financial regulator, the Financial Markets Authority (AMF), to use influencers for marketing purposes, according to a statement by French lawmakers Arthur Delaporte and Stéphane Vojetta.
There are currently around 60 crypto firms in France that are registered with the Financial Markets Authority, and none of them has carried out the optional licensing, the Cointelegraph report goes on to add.
The lawmakers’ statement said: “Only financial products and cryptocurrencies from players registered with the AMF may be promoted”, and agents from the financial watchdog, as well as the regulator for consumer affairs, would “have their control capacities strengthened.”
Failure to comply with the laws can result in up to two years imprisonment and a fine of €300,000, as well as a possible ban on influencer activity.
The agreement follows on from the Senate’s Committee on Economic Affairs approving an amendment earlier this month allowing crypto firms registered with the AMF to carry out influencer marketing.