The bill aimed at regulating the activities of crypto influencers had caused a lot of reaction from players in this sector. Many of them feared being legally muzzled in this way. Eventually, the tide turned in their favor.
French Parliament Reduces Demands Against Crypto Influencers
The recently leaked news about crypto influencers in France is finally confirmed. The strict rules initially intended against them are relaxed. This is finally what the French deputies decided.
On Friday May 26, the French Senate published a press release on the proposed reform. He indicates that all senators have agreed to reduce the requirements imposed on crypto influencers.
The version of the text formalized in March notably provided for authorizing the use of crypto influence only for approved companies. This requirement has been lifted and therefore should not be included in the final version of the bill.
This reversal was foreseeable, especially since in the current state of the legislation, none of the crypto companies operating in France is approved. Overall, the sixty or so firms established there operate on the basis of registration with the Autorité des marchés financiers (AMF).
It is therefore these companies alone who are required to use the services of an influencer to promote their products. “Only financial products and cryptos from players registered with the AMF can be promoted”rightly note the deputies Arthur Delaporte and Stéphane Vojetta.
Failure to comply with this measure is punishable by imprisonment for 2 years. A sanction which is accompanied by a fine of 300,000 euros (322,000 dollars). This is without taking into account the possibility for the influencer concerned to see his activity prohibited. In addition, the text should provide for capacity building for the supervisory authorities.
For the time being, no information has leaked as to the date of formalization of the law regulating crypto influence. Either way, crypto regulation in France may have taken another step in the right direction.
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