The recent decision of the French Senate’s committee starkly contrasts the country’s pending crypto law that completely banned influencer advertising.
Just a few days after regulatory authorities in France aimed to regulate its crypto firms under a new law, an economic affairs committee of the French Senate has given the go-ahead for a modification in the crypto law. The main takeaway from the amendment would be allowing crypto firms in the country to hire influencers for promotional and advertising activities.
This is a surprising development since the bill floated by the National Assembly of France earlier completely omitted any approval of influencer advertising. The crypto firms that could hire influencers would have to be registered under the Financial Markets Authority (AMF) of France.
“The current wording is more restrictive than the existing provisions in the Consumer Code, since it excludes the possibility for digital asset service providers (PSAN) registered with the Financial Markets Authority (AMF) to use commercial influence. Consequently, this amendment introduces this possibility for PSANs registered or approved with the AMF,” said a translated version of the amendment which enforced the new rule.
Crypto firms could be benefitted from this amendment of the French Senate while the overall crypto industry in France reaps benefits from influencer advertising. Currently, all crypto firms registered with the AMF would likely be able to take advantage of the rule immediately.
A law firm based in France claimed that the new crypto law to be adopted by France mainly comprised of two aspects of crypto regulation: registration of crypto firms offering services in the domain, called the Digital Assets Service Providers (‘DASPs’) and the visa for Initial Coin Offerings (ICOs) or sales.