French lawmakers on a key legislative committee have unanimously agreed to new regulations restricting cryptocurrency promotions by social media influencers, reportsย by a Thursday statement from the countryโs Senate.
Reportsย by a statement by Arthur Delaporte and Stรฉphane Vojetta, who led negotiations in the National Assembly, the deal allows promotions for products of any cryptocurrency company that has registered with the Financial Markets Authority โ a softer line than they had previously taken.
The new law, whichย canย potentially be the 1st in Europe to regulate social media personalities who do paid marketing โ and includes areas such as cosmetics and gambling โ was the subject of disputes betwixt the two chambers of the French legislature.
An Assembly draft of the influencers bill would have effectively banned cryptocurrency publicity through influencers by restricting it to digital investment corporations with a license. That strategy raised concerns from the industry, which warned the regulations could jeopardize the countryโs ambitions to be a cryptocurrency hub.
Senators favored gentler restrictions, saying social media influencers should be allowed to encourage any company that gained registration โ a much broader category that asย ofย now includes dozens of corporations such as Binanceย Cryptoย exchange and Bitstamp.
No final text has isย still been published of the deal struck by the Joint Mixed Committee, which includes representatives from both chambers.
On Wednesday, the European Commission proposed new regulations, which would make regulated financing corporations inย chargeย of content that they pay or promoteย ย a social media โfinfluencerโ to encourage. If passed into law, those proposals would apply across the European Union, including France.
Sandali Handagama.
