The French Parliament has recommended changing law No. 790 aiming to fight fraudulent activity and misconduct by social media influencers. This proposal will highly affect the job of crypto influencers in the country.
The proposal also suggests outlawing the use of comparable techniques in promoting online betting, video games, and medicinal items.
The proposal examined by the Economic Affairs Committee targets commercial influencers who urge financial products and services that constitute a danger to customers, such as making investments in digital assets or fungible and non-fungible intangible property.
The disadvantages of the proposal
Presumed that the House of Assembly and Senate accept the proposed rule; in this situation, only operators wholly registered with the Autorité des Marchés Financiers (AMF), a French regulatory organization managing the country’s financial sector and the market infrastructures’ guidelines, will be authorized to run crypto advertisements in France.
France would follow other European countries, like the United Kingdom and Belgium, in adopting regulations limiting cryptocurrency promotion.
Despite being authorized to serve as a provider of digital asset services in France, there currently need to be crypto enterprises that are licensed to advertise digital assets to customers in the country.
The consequences of disobeying the law in France
According to the proposal, people who break the rule about crypto promotion will get a two-year prison term and a €30,000 ($32,600) fine.
The proposal’s main aim is to protect consumers from potential risks related to cryptocurrencies, NFTs, and other digital assets. Because of the aim, the consequences of disobeying are critical. However, there will be some flexibility in exclusions within the context of the proposal.
What is the role of influencers in the crypto space?
The bridge that connects the public and blockchain industry mainly comprises crypto/NFT influencers. They can inform emerging crypto investors about popular cryptocurrencies and NFT projects, present their opinions on related news in the industry, and help crypto businesses with influencer marketing.
The more comprehensive cryptocurrency market relies on these influencers to guide people through the market and explain the most recent developments in the crypto space. It’s important to note that crypto/NFT influencers have a variety of backgrounds and specializations. For instance, some influencers are experts in cryptocurrency trading while others may be more interested in NFTs or run a podcast about cryptocurrencies.
Due to their skills and knowledge, crypto/NFT influencers have a big role in the crypto space, but this situation is not considered by France.