A recent change to pending law was passed by the Economic Affairs Committee of the French Senate, enabling registered cryptocurrency businesses to use social media influencers for advertising and promotional reasons.
The amended phrasing would let businesses that are registered with France’s Financial Markets Authority (AMF) to use influencers for their goods, according to a translation of the amendment issued by Bing:
“The modification is more stringent than the restrictions now in the Consumer Code since it forbids digital asset service providers (PSAN) registered with the Financial Markets Authority (AMF) from using commercial influence. Since PSANs must be registered or approved with the AMF, this amendment introduces this possibility.”
In its first form, the relevant measure demanded what amounted to an outright prohibition on influencer marketing for the crypto business in France. Its terms restricted the firms that may use influencer marketing to just those that were authorized by the AMF, a standard that no crypto company presently 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.”
It is mandatory by law for any Bitcoin business doing business in France to register with the AMF. As of yet, none of them have obtained the required licenses to work lawfully in the country as influencers for product promotion.
The amendment’s revised phrasing would do away with the need for a license, enabling businesses that are just AMF-registered to pay influencers for social media marketing.
According to Twitter, the development is being hailed as a victory for the French influencer and cryptocurrency markets.