"Influencers Act: towards a more flexible regime

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Wednesday, March 22, 2023

One amendment was intended to prohibit the promotion of crypto companies not approved by the AMF. But according to our information, this text, which is not supported by the government, is likely to be dropped when the final vote on the law on influencers is taken on 28 March.

It's the home stretch before the proposed law to regulate influencers in France is examined. On Tuesday 28 March, the National Assembly will hold a public session to discuss the text, which focuses, in part, on those who promote cryptos.

To date, the proposal provides for two main points: firstly, that crypto influencers must be approved by the Autorité des marchés financiers (AMF); secondly, that they may not promote companies that have not themselves been approved by the AMF as digital asset service providers (DASPs). This second point was added yesterday as part of the adoption of an amendment tabled by the PS MP, Arthur Delaporte.

Or, according to our information, this provision should finally be excluded from the final text, notably because of the government's opposition.

What will happen from now on?

To date, what seems to be holding the line is the obligation for a crypto influencer to have to register themselves with the AMF if they want to promote crypto services and products, i.e. the first version of the law.

Some MPs are pushing, however, for influencers to be obliged to work with companies that are at least "registered" - and not licensed - with the AMF. A position that some in the crypto ecosystem are denouncing.

"95% of companies that work with influencers are not registered with the AMF like PSAN," points out Owen Simonin, the largest French-speaking influencer and head of Hash Consulting, an agency that represents almost all French influencers.

"Hasheur" says that advertising via influencers allows them to test the market, before setting up in France according to the rules.

"This argument is valid for serious players, such as Binance or Swissborg, who made extensive use of influencers before registering with the AMF," says a good connoisseur of the issue. "But it's the tree that hides the forest, when you scan the marketing operations disseminated by many crypto influencers, it's the court of miracles among the projects and we can understand the desire to regulate."

For its part, the Association for the Development of Digital Assets (Adan) has made a series of proposals on the subject. According to our information, these are currently being examined by certain MPs.

This analysis is not investment advice. It has been prepared without taking into account your personal situation, particularly your financial situation, risk profile, and investment objectives.

Before investing in any product, investors should fully understand the risks involved and consult their own legal, tax, financial, and accounting advisors.

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