French lawmakers have agreed to tone down the restrictions on a bill first proposed in March that would have severely restricted locally-registered cryptocurrency companies from using influencer marketing.
An 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.
On May 25, the French Senate said it 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, according to French lawmakers Arthur Delaporte and Stéphane Vojetta in a statement.
The exact wording of the agreed bill is yet to be published.
️ Loi sur les #influenceurs : les députés et sénateurs ont trouvé un accord - à l'unanimité - sur un texte de régulation, pionnier en Europe. Notre communiqué avec @StephaneVojetta ⤵️ pic.twitter.com/GAe4965so6
Currently, there are roughly 60 crypto firms registered with the AMF, and none have undertaken the optional licensing.
Translated, Delaporte and 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.”
Loi sur les influenceurs : un accord inédit pour mieux protéger les consommateursRéunis en commission mixte paritaire, sénateurs et députés ont trouvé un accord à l’unanimitéRead more on cointelegraph.com