The Influencer Bill was first proposed in March 2023 and intended to impose severe restrictions on locally registered crypto firms from using influencer marketing. According to reports, the initial draft of the bill authorized only licensed crypto exchanges to merge with influencer marketing.
The Economics Committee of the French Senate contemplated regulations regarding social media influencers that are linked to the crypto industry during a session on Wednesday, May 3. The French senators reportedly allowed the proposition that sanctioned these influencers to promote products from officially registered crypto firms.
Although the bill initially imposed restrictions on influencer marketing, allowing it to work with licensed crypto firms only, no such entity existed in France. The regulations set by the French legislation did not require crypto firms to necessarily obtain a license and hence none are currently licensed.
The French Senate announced its Concordant decision on Thursday, May 25. The new bill aims to supervise promotions conducted by influencers across various sectors.
According to a statement by French lawmakers Arthur Delaporte and Stéphane Vojetta, the revised bill now mandates that only firms registered with the country’s financial regulatory body, Financial Markets Authority (AMF) can engage with influencers for their marketing endeavours. The precise wording of the bill is yet to be published. At present, there are approximately 60 crypto firms registered with the AMF and none have undertaken optional licensing.
Failing to comply with any of the specified norms would result in imprisonment of up to 2 years and a 300,000 euro fine ($322,000). Moreover, limitations have been imposed on influencers regarding their endorsement of other products, including nicotine-related items like vapes. Additionally, there will be a prohibition on the promotion of sports betting and gambling products to individuals under the age of 18.