Previously, the bill proposed by French lawmakers restricted influencer marketing to only licensed crypto firms. However, there are no such firms in France presently. As a result, the French lawmakers seem to have agreed to tone down the restriction associated with its first bill that was proposed in March.
Despite toning down on the restrictions, the crypto companies are still meant to register with the regulator. Recently, on May 25, the French Senate stated that they have attained unanimous agreement on a bill for regulating promotions by influencers while providing a wide variety of industries. This revised bill would require crypto firms to register with the Financial Markets Authority (AMF) which is the national financial regulator.
At present, there are estimated 60 crypto firms registered with the AMF but none of them have opted for optional licensing. Reportedly, the cryptocurrencies players registered with AMF would be promoted, and financial watchdog along with regulator for consumer affairs would be strengthened in terms of control capacities. Failure to comply with the law would attract upto 2 years imprisonment and a penalty of 300,000 Euro besides banning the influencer activity.
The influencer’s promotion has been restricted for nicotine products such as vapes too. Alongside, the other products including showing sports betting and gambling products to audiences under 18 years of age would also come into effect. The revised agreement came ahead in May when the Senate’s Committee on Economic Affairs approved the mentioned amendment which says only AMF-registered crypto firms would undertake influencer marketing.