The National Assembly yesterday adopted the bill on the supervision of the activities of influencers. Among the new rules, the prohibition for them to promote cryptocurrency platforms, when these are not registered with the AMF.
The party is over in the advertising Far West of influencers. The bill to regulate the activity of influencers in France was voted unanimously yesterday at first reading, a sign of the cross-party consensus on the need to regulate influencers. Indeed, it was a deputy from the Socialist party (Arthur Delaporte) and another from the presidential Renaissance party (Stéph ane Vejotta) who brought the project before the National Assembly.
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Among the new rules for influencers, a stricter framework for the promotion on social networks of cryptocurrencies such as Bitcoin or Ethereum, but also trashcoins, such as Dogecoin, which Tesla kept even during the crypto collapse. While it provided for an outright ban on advertising for cryptoassets, the law has been amended to be more nuanced. Indeed, influencers retain the right to advertise for digital asset service providers (PSAN) registered with the Autorité des marchés financiers (AMF).
Influencers will still be able to advertise cryptos
The ban therefore does not relate so much to the cryptocurrencies themselves as to the platforms that sell them. Thus, influencers can only advertise for the biggest players in the sector. About twenty companies in the sector, including the giant Binance or the French Coinhouse, are already registered with the AMF.
Indeed, the crypto industry has been lobbying to convince MPs not to be too strict. The association for the development of digital assets (ADAN) has thus won its case with this amendment. Faustine Fleuret, president of Adan estimated before the vote that this law is “stigmatizing for companies in the crypto sphere. These communication channels (influencers) are going to be banned even though they are important for pedagogy“.
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On the contrary, MP Stéphane Vojetta insisted during the press conference that this framework does not mean a banishment from the crypto-active industry. The member wants ” sustain ” the sector, giving it greater legitimacy. Indeed, since the collapse of cryptocurrencies in early summer 2022, they have struggled to restore their image.
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