France’s Senate Committee on Economic Affairs has made changes to a proposal under Bill No. 790 previously passed in the National Assembly. The original bill would have made it incredibly hard for crypto companies, including exchanges, from using the services of commercial social media influencers in their marketing campaigns.
Reviewing The Strict Bill
The content of the latest version of Bill No. 790, reviewed by the Senate Committee, is “more relaxed” than the one passed by the National Assembly.
Specifically, it eliminates the need for crypto firms to get licensed after being registered by the country’s regulator, Autorité des Marchés Financiers (AMF) before soliciting the services of an influencer to market their services.
Related Reading: Why Bank Of France Is Calling For A Stringent Crypto Licensing
Most importantly, since the previous ban only affected crypto firms licensed by the AMF, the final legislation would have been ineffective because the regulator is yet to license any crypto company.
Still, several cryptocurrency exchanges, including Binance and Bitstamp, have been registered by the AMF and confirmed to have implemented anti-money laundering (AML) measures when facilitating Bitcoin and crypto trading. Despite their presence, Binance and other exchanges have not been licensed.
Therefore, if the Senate’s latest changes are incorporated into the bill before being made into law, it would be easier for crypto firms, even if they have not been licensed by the AMF. This means they will be able to use social med
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Author: Dalmas Ngetich
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