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The Senate’s proposal was put up only a few months after the National Assembly proposed legislation that would have prohibited influencer marketing for cryptocurrency goods and services. An amendment to upcoming law allowing registered cryptocurrency businesses to use social media influencers for advertising and promotional reasons was recently approved by the Economic Affairs Committee of the French Senate. The revised phrasing would permit businesses who are registered with France’s Financial Markets Authority (AMF) to employ influencers for their goods, according to a translation of the modification provided by Bing:
“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.”
The aforementioned measure originally demanded what amounted to an outright prohibition on influencer marketing for the crypto business in France. Its language restricted influencer advertising to businesses that have an AMF license, a requirement that no bitcoin company currently satisfies. In a blog post aimed at educating readers, the Paris-based law firm Beaubourg Avocats notes that
“France has established a regulatory framework for cryptocurrency that primarily relies on two regimes: the token sale or ICO (Initial Coin Offering) visa and the Digital Assets Service Providers (‘DASPs’) registration and license.”
French Crypto Businesses Need to Register with the AMF
It is mandatory by law for any bitcoin businesses doing business in France to register with the AMF. As of now, none of them have obtained the required licenses to work lawfully in the country as influencers for product promotion. The amendment’s new phrasing would do away with the need for a license, enabling businesses that are only AMF-registered to pay influencers for social media promotion.
According to Crypto Twitter, the development is being hailed as a victory for the French influencer and cryptocurrency markets. However, it is important to note that the modification has not yet received official approval. The proposed amendment needs to be approved by the National Assembly after going through the full Senate in a plenary session and a number of further amendments.
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