Bad news for French social-media influencers! The lawmakers of France proposed an amendment to ban influencers from promoting crypto assets.
The National Assembly’s Economics Committee voted in favor of the amendment. It suggests outlawing the promotion of gambling, video games, and pharmaceutical items along with crypto assets.
Stéphane Vojetta of President Emmanuel Macron’s ruling Renaissance party and opposition member Arthur Delaporte proposed the amendment.
The proposed amendment aims to outlaw advertising financial products and services that represent a particular risk to the consumer.
If enacted into law, only companies with the Autorité des Marchés Financiers (AMF) approval will be permitted to advertise digital assets. Notable, currently no crypto platform or asset is licensed under AMF.
The violation of these prohibitions can result in a punishment of a 2-year prison sentence and a fine of 30,000 euros, about $32,000.
Recently, France decided to pass strict licensing laws very soon for crypto firms after a bill received approval from the French Senate which requires France-based crypto service providers to follow more stringent anti-money laundering regulations.
Social media influencers are already being targeted since the string of crypto debacle that has been happening for the last 2 years. Currently, YouTubers are facing a $1Billion class-action lawsuit for promoting the collapsed exchange FTX without disclosing the nature and scope of their sponsorship and/or endorsement deals.
