Saturday, June 10, 2023
15.5 C
New Jersey

New French Senate legislation permits social media influencers to promote cryptocurrency in advertisements

Must read

Gherardo Fiorenzo
Gherardo Fiorenzo is an Italian author with a unique perspective shaped by his experiences in Italy and the US. His thought-provoking articles, short stories, and reviews explore the intersections of language, identity, and culture.

The Commission on economic affairs in The French Senate has approved an amendment to pending legislation that will allow registered cryptocurrency firms to register social media influencers for Promotional and advertising purposes.

the new The wording will enable the French Financial Markets Authority (AMF) to authorize companies to hire influencers for their products or merchandise.

Some criteria will remain in place

In March 2023, 102 victims filed a lawsuit against Husband of French social media influencers for Intentionally causing their loss money through encryption trading.

Then the proposal was put forward forward in French Senate Committee on economic affairs. The Economics Committee of the French National Assembly later voted in favor of Law bans social media Influencers risk promoting financial Services, including cryptocurrencies.

In France, all cryptocurrency companies must register with Financial Markets Authority (AMF), Trial regulatory body for financial markets.

However, despite this requirement, none of These companies have so far obtained the necessary license to participate social media influencers for Advertising and promotional purposes.

The proposed amendment approved by the Committee and will be deliberated upon in Senate plenary session next week, to allow cryptocurrency firms to use social media Influencers when advertising.

approval of Legislation proposed by a French Senate committee on economic affairs allow Cryptocurrency companies registered to hire influencers, provided they meet certain criteria and are certified by the AMF. this new The law will enable cryptocurrency companies to benefit of The growing trend of influencer marketing and leverage on its potential for Increase visibility and engagement.

However, it is worth indicating that with this new development Responsibility comes of These are cryptocurrency companies ensure that any promo material Shared through influencers in fair way, clear, not misleading consumers. AMF will also Activity monitoring of These companies and influencers ensure compliance with These regulations.

difference in systems

unlike their counterparts in National Assembly of Paris, senators favor implementing less stringent measures regarding cryptocurrency advertising social media influencers.

The National Assembly passed a proposal in March 2023 Such promotions are effectively prohibited.

More articles

Latest article