– French Senate recently proposed an amendment allowing registered cryptocurrency companies to hire social media influencers for promotional purposes.
– The new amendment would allow companies that are simply registered with the AMF to pay influencers for promotion on social media, eliminating the licensing requirement.
– Crypto Twitter is hailing this news as a positive step for both the French influencer and cryptocurrency markets.
French Senate Proposal to Allow Influencer Promotion of Cryptocurrency
The French Senate’s Committee on Economic Affairs recently approved an amendment to pending legislation that will allow registered cryptocurrency companies in France to hire social media influencers for advertising and promotional purposes. This amendment eliminates the licensing requirement, allowing companies that are simply registered with the AMF to pay influencers for promotion on social media.
Existing Legislation Banning Influencer Advertising
Prior to this amendment, existing legislation had called for what essentially amounted to a ban on influencer advertising in France when it came to crypto products and services. This bill limited those who could engage in such activities only to those licensed by the AMF, a bar no current cryptocurrency company meets.
Regulatory Framework Established By France
France has established a regulatory framework for cryptocurrency that primarily relies on two regimes: token sales or ICO visa, and Digital Assets Service Providers (‘DASPs’) registration and license. All cryptocurrency companies operating in France are legally required to register with the AMF but currently none have received the necessary licensing needed in order to hire influencers legally within their nation’s borders until now.
Crypto Community Reacts Positively To Amendment
The crypto community appears pleased with this recent news as it allows more opportunities within the space while still protecting consumers from potential fraud or scams associated with unlicensed entities offering untrustworthy services or products related cryptocurrencies.
The approval of this proposal marks a significant shift in how France regards cryptocurrencies and its potential uses cases within its economy – one which hopefully will open up many more opportunities down the line for businesses and individuals alike who wish participate in these emerging markets without fear of legal repercussions or financial losses due regulatory uncertainty.