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French Lawmakers Take a Lenient Stand on Crypto Influencer Bill

French lawmakers have agreed to loosen the Crypto Influencer Bill that was passed in March this year. This bill would have a harsh impact on local cryptocurrency companies using influencer marketing campaigns. According to the bill, only licensed crypto companies were allowed to do influencer marketing. While it is necessary for the companies to register with the regulator, none of them are licensed in France as it is not mandatory. Because of that the 60 registered companies have not taken the licensing.

Relaxation Comes With Some Restrictions

French lawmakers said on March 25th that they have relaxed these rules to quite an extent which will benefit the crypto companies to undertake influencer marketing. According to the amended rule, now the companies only need to register with the Financial Markets Authority (AMF), the country’s regulator to use influencer marketing. The companies that fail to do so have to face a serious penalty which can include a 30,000 euro fine and two years imprisonment along with the ban on influencer marketing.

Easing the rules does not mean that the companies can do a monopoly. There are certain restrictions which they need to adhere to. The promotion of intoxicants by the influencers is prohibited. It is also illegal to show gambling and sports betting to those who are under the age of 18.  The senators are also in favour of the gentle restrictions saying any registered company has the right to be publicised through social media influencers.

This rule was passed by the Joint Mixed Committee which included representatives from both the chambers of the senate. The previous rule was quite strict which could have been a hurdle to the ambition of France on being a major crypto hub of the world.