French Lawmakers Ease Restrictions on Crypto Influencer Marketing
French lawmakers have decided to lighten the restrictions on a bill that originally aimed to severely limit influencer marketing for locally-registered cryptocurrency companies. The initial draft of the bill allowed only licensed crypto firms to engage in influencer marketing. However, as no crypto companies are currently licensed in France, the revised bill now only requires crypto firms registered with the Financial Markets Authority (AMF) to use influencers for their marketing efforts. The exact details of the bill are yet to be published.
The revised legislation will strengthen the control capacities of the AMF and the regulator for consumer affairs. Failure to comply with the regulations could result in penalties such as imprisonment, fines, and potential bans on influencer activities. The bill also extends restrictions to other products, including nicotine products and sports betting/gambling promotions to minors.
This decision follows an earlier amendment that allowed AMF registered crypto firms to undertake influencer marketing. The move aims to regulate promotions by influencers across various industries in France.
Clever Robot News Desk 31st May 2023