Crypto: towards more flexible regulation for influencers in France?

In France, a bill framing the activity of influencers is behind the scenes of the National Assembly. The initiative did not resonate with the crypto influencer community. Many saw it as a disguised way of reducing them to silence. Stéphane Vojetta, one of the project leaders, provides clarifications.

Soft rules for crypto influencers planned?

To protect the French from crypto scams, the Autorité des Marchés Financiers (AMF) has worked to regulate the crypto sector. The institution probably played a role in the choice of parliamentarians to submit a bill to this effect. The adoption of the latter is announced for May 9th.

While the initiative makes the influencer community cringe, Stéphane Vojetta spoke on the subject. A way for this parliamentarian to reassure the crypto industry about the spirit of reform and what is sought.

From the outset, the MP wanted to make a formal denial of the ambition of the law itself. His vocation, he underlines, has never been to muzzle influencers and reduce them to silence, as many are worried about.

“The basic principle we stand for is that the law that applies in the real world to advertising must also apply to commercial influence, and therefore to crypto influencers. Crypto influencers will not be silenced,” Vojetta said in an interview he gave to BFM Crypto.

A clear target

In fact, they can “always produce content and demonstrate popularization of cryptocurrencies, as long as they are not paid”. The objective, recalls the parliamentarian, is to protect users from crypto scams.

These would, he adds, be far more important in the crypto realm than elsewhere. An argument rightly supported by figures from the AMF. The Authority has notably established that the crypto market alone concentrates a quarter of financial scams.

For the time being, underlines Vojetta, it is not excluded that the proposed text undergoes some modifications. This is the meaning of contradictory discussions that have taken place with the Association for the Development of Digital Assets (Adan).

What French parliamentarians want is for legal deterrents to be put in place. This is to control the activities of influencers on social networks, particularly those deemed malicious. They seem open to relevant proposals to achieve this objective.

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