• French lawmakers have agreed to tone down the restrictions on a bill that aimed to regulate promotions by influencers for a wide variety of industries, including crypto firms.
• The revised bill now only requires crypto firms registered with the Financial Markets Authority (AMF) — the nation’s financial regulator — to use influencers for their marketing efforts.
• Penalties for failure to comply with the laws include up to two years imprisonment and a 300,000 euro ($322,000) fine, along with the possibility of banning the influencer activity.
Proposed Crypto Influencer Bill
Previously, the bill restricted influencer marketing to only licensed crypto firms, of which there are currently none in France.
Revised Bill Agreement
On May 25, the French Senate said it reached a unanimous agreement on a bill that aims to regulate promotions by influencers for a wide variety of industries. The revised bill now only requires crypto firms registered with the Financial Markets Authority (AMF) — the nation’s financial regulator — to use influencers for their marketing efforts.
Penalties For Non-Compliance
Penalties for failure to comply with the laws include up to two years imprisonment and a 300,000 euro ($322,000) fine, along with the possibility of banning the influencer activity.
Registered Crypto Firms In France
Currently, there are roughly 60 crypto firms registered with AMF but none have undertaken optional licensing.
Conclusion
The exact wording of this agreed bill is yet to be published but it provides an optimistic outlook for cryptocurrency companies in France who will not be limited when it comes to using influencers in their marketing strategies.