BTC-Newswire

French Senate proposal would allow influencers to promote cryptocurrency

Press Releases Crypto News Cointelegraph French Senate proposal would allow influencers to promote cryptocurrency

The French Senate’s Committee on Economic Affairs recently approved an amendment to pending legislation allowing registered cryptocurrency companies to hire social media influencers for advertising and promotional purposes.

According to a translation of the amendment provided by Bing, the new wording would allow companies that are registered with France’s Financial Markets Authority (AMF) to hire influencers for their products:

“The current wording is more restrictive than the existing provisions in the Consumer Code, since it excludes the possibility for digital asset service providers (PSAN) registered with the Financial Markets Authority (AMF) to use commercial influence. Consequently, this amendment introduces this possibility for PSANs registered or approved with the AMF.”

In its original iteration, the bill in question called for what essentially amounted to an outright ban on influencer advertising for the crypto industry in France. Its wording limited the companies who could engage in influencer advertising to only those licensed by the AMF, a bar no cryptocurrency company currently meets.

As Paris-based law firm Beaubourg Avocats points out in an educational blog post, “France has established a regulatory framework for cryptocurrency that primarily relies on two regimes: the token sale or ICO (Initial Coin Offering) visa and the Digital Assets Service Providers (‘DASPs’) registration and license.”

All cryptocurrency companies operating in France are legally required to register with the AMF. So far, none have received the necessary licensing that would allow them to hire influencers to promote their products in the nation legally.

Related:

Go to Source to See Full Article
Author: Tristan Greene

Did you like this?
Tip BTC Newswire with Cryptocurrency