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May 2023 saw a momentum shift in the French cryptocurrency industry following legal action initiated by 102 individuals who accused two renowned social media personalities of deliberately inducing financial loss through cryptocurrency trading.
This event spurred France's Senate Committee on Economic Affairs into action, ultimately leading to the French National Assembly's Economics Committee approving a groundbreaking law. This legislation prohibits social media influencers from endorsing high-risk financial services like cryptocurrencies.
In France, the Financial Markets Authority (AMF) requires all cryptocurrency-related businesses to register with them as the principal regulatory organization for financial markets. However, until now, none of these firms have obtained the required licenses to collaborate with social media influencers for advertising and promotional activities.
The newly approved amendment, set for deliberation during next week's Senate plenary, aims to enable cryptocurrency companies to work with social media influencers for advertising. Once the French Senate's Committee on Economic Affairs approves this proposed law, registered cryptocurrency businesses will be allowed to enlist influencers if they adhere to certain criteria and obtain AMF approval. This legislative change will pave the way for cryptocurrency firms to leverage the burgeoning influencer marketing trend and optimize its potential for heightened exposure and engagement.
Nonetheless, this recent advancement entails that cryptocurrency companies must guarantee that any promotional content disseminated via influencers is transparent, equitable, and not deceptive to the public. Additionally, the AMF will closely supervise the activities of both the companies and influencers to ensure adherence to these regulatory guidelines.
In an interesting departure from the National Assembly of Paris' approach, senators advocate for less restrictive measures concerning cryptocurrency advertising through social media influencers. Contrarily, the National Assembly passed a resolution in March 2023, which effectively prohibited such promotional activities.
