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Crypto influencers: towards strict regulation?

Crypto influencers: towards strict regulation?

A cross-party bill seeks to ban influencers who are not registered with the Autorité des marchés financiers (AMF) from promoting crypto projects. It has the backing of the government, according to our information.

The fall of FTX has not only prompted the French authorities 🇫🇷 to get tough with crypto players (cf. the recent law speeding up the timetable on PSANs). Influencers in the sector are also being targeted. A draft law aimed at "combating scams and abuses by influencers on social networks" will be examined in session at the National Assembly on 27 March.

Rarely enough to be highlighted, this is the result of the cross-party work of two MPs: Arthur Delaporte (PS) and Stéphane Vojetta (Renaissance). According to our information, this proposal has also received the support of the government.

While this has not yet been decided, influencers not registered with the Autorité des marchés financiers (AMF) could be banned from promoting crypto projects. Those who are registered would only be able to work with companies that have the right to communicate in France (via obtaining a PSAN registration with the AMF).

"The idea is not to ban talking about crypto-assets, but to put a stop to undeclared promotions and the associated abuses", explains Arthur Delaporte. "A large part of the influencer audience is made up of vulnerable people or people with little financial education, and it's a question of protecting them," he adds.

According to the text, an influencer is defined as "any natural or legal person who, for consideration or in exchange for a benefit in kind, produces and disseminates content via a means of electronic communication that is intended, through the expression of his or her personality, to promote goods, services or any cause whatsoever".

France is not the only country to take an interest in the subject of influencers. In the United States, several stars such as Kim Kardashian ($1.2 million fine) were recently penalised for promoting projects without notifying their audience.

In Europe, the MiCA regulation, which is due to be finally adopted in April (mandatory entry into force by 2026), provides for the supervision of the activity of crypto influencers.

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