New amendments to the crypto influencer bill by the French Senate could ease rules for crypto firms not having a local license under French law.
Crypto firms in France intending to hire crypto influencers for marketing could heave a sigh of relief after amendments were passed to modify the previous bill. Introduced in March, the crypto influencer bill had provisions to stop companies locally registered from hiring crypto influencers if they did not procure licenses from local authorities.
It was a setback for French crypto firms since they needed to have local licenses even though they had the required registrations with regulators. Even legal provisions did not mandate licensing. Therefore, none of the French crypto firms could go ahead with influencer marketing.
The amendments would now allow any crypto firm registered with France’s financial regulator, Financial Markets Authority (AMF), to hire crypto influencers. The move was a hugely positive development for them since influencer marketing was an important aspect of the operations they needed to catch up on.
The Economic Affairs Committee’s rapporteur, Amel Gacquerre, said, “The Senate has shown itself to be particularly ambitious in terms of the protection of Internet users, consumers, and young people. The prohibitions on the promotion of therapeutic abstention, nicotine products, subscriptions to advice or sports predictions, or even the strengthening of information messages to consumers to encourage influencers to be more sincere in their communication are major advances in this text”. The text is part of a translated version of his comment.
Over 60 crypto firms registered with the AMF could hire crypto influencers without a local license.