French Senators Propose Allowing Influencers to Promote Registered Crypto Firms
The French Senate’s Committee on Economic Affairs has proposed a new law allowing social media influencers to promote cryptocurrency on their platforms.
If approved, the proposal would significantly shift how these influencers market and advertise digital currencies in France.
Surprisingly, the Senate’s proposal surfaced just a few months following the National Assembly legislation ban on influencers’ promotion of digital asset products and services.
The Senate stated that the new wording on the legislation amendment would only apply to companies registered with France's Financial Markets Authority (AMF).
These companies can exercise the right to hire influencers to advertise their products and services.
Under the proposed law, influencers must disclose their relationships with cryptocurrency companies.
They would also provide clear and accurate information about the risks associated with digital assets investments.
Additionally, they must comply with advertising regulations and refrain from making false or misleading claims about cryptocurrencies.
Remarkably, the proposal from the Senate permits all digital asset companies operating in France to register with AMF.
However, none currently possess the license to hire influencers to legally promote their products and services.
They will receive such a license once the government passes the proposal into law.
Many see it as a positive step to encourage the digital currency market and influencers in the country.
Also, it will help to raise awareness of cryptocurrencies and make them more accessible to the general public.
France has been a center for digital currency activity for a long while, with the country making significant strides in promoting the development of digital assets
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