French Lawmakers Move To Relax Regulations in Proposed Crypto Influencer Bill

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by Anna Munhin May 27, 2023 News
French Lawmakers Move To Relax Regulations in Proposed Crypto Influencer Bill

The strict restrictions in the bill were softened. The aim of the bill is to control the impact of social media.

Only licensed digital asset firms were allowed to participate in the bill.

Digital asset firms can now engage in influencer marketing thanks to the recent development.

French Lawmakers Soften Restriction On Crypto Influencer Law

The economic affairs committees reached a unanimous agreement on the bill.

The study claims that Hong Kong is the leader in the global market.

Lawmakers Arthur Delaporte and Stephane Vojetta made a statement about the bill. Financial products and digital assets from firms registered with the AMF are the only things that can be promoted by influencer marketers.

The AMF and consumer affairs regulators would strengthen their activities to watch the marketers.

Penalties would be imposed for noncompliance with the law. Two years imprisonment, a fine of 300,000, and a ban on influencer activity are included.

Digital products and services are not the only ones that are affected by the restriction of marketing by influential people. The country will no longer show sports betting and gambling products to people under 18 years of age.

Not a single firm has been licensed in France. Almost 60 companies have been registered by the AMF.

The Place Of Crypto Influencer Marketing

Social media platforms and influencer marketing are used to promote businesses.

34% of consumers trust social media celebrities. 80% of consumers responded to social media content.

Raising brand awareness and persuading more investors to invest in the space are some of the ways that cryptocurrencies are utilized.

The leading meme coin Dogecoin had an explosion in price in the year 2021.

On April 28, 2021, Musk wrote, "The dogefather." SNL May 8th. The price of the meme coin went from $0.069 on April 28 to $0.822 on May 8.

Due to the crash of manyCryptocurrencies, the regulators tightened their regulations.

The US SEC sued the celebrities for digital asset market manipulation and celebrity endorsements according to an India Times report.

French Lawmakers Move to Relax Regulations in Proposed Crypto Influencer Bill
The crypto market is up today l Source: Tradingview.com

There is a chart and a picture from Trading View.