French lawmakers to lighten rules in proposed digital currency influencer bill

avatar
by Samuel Pordengerg May 30, 2023 News
French lawmakers to lighten rules in proposed digital currency influencer bill

Following widespread criticism of the first draft bill, French lawmakers agreed to expand the marketing of digital currency products to a wider range of service providers.

The new amendments will allow registered digital asset service providers to use the services of celebrities and influential people. The bill's wording is still subject to speculation, despite the fact that the senators reached a unanimous agreement to amend it.

The original bill only allowed licensed digital asset firms to use influencer marketing. The biggest challenge is the fact that France does not have a licensed digital currency exchange, which makes it hard to promote celebrities in the country.

Firms that register with the AMF will be able to use the services ofinfluencers. Around 60 firms with AMF registration are not legally bound to seek licensing.

French lawmakers Arthur Delaporte and Stephane Vojetta said that only financial products and cryptocurrencies from players registered with the AMF could be promoted.

The bill was praised for being innovative in controlling the actions ofinfluencers. Gambling and nicotine products have been added to the bill by the French parliament.

The text is the first of its kind in Europe, according to the head of the Economic Affairs Committee. The Senate is proud to be at the forefront of the regulation of a digital economy that must be promoted and supported.

Regulators are focused on the people who influence them.

Regulators around the world are concerned about the threat posed by influential people in the financial markets. In partnership with the Advertising Standards Authority, the Financial Conduct Authority of the U.K. has created a seven-part checklist for digital currency product promotion.

Reality TV star KimKardashian is facing a class-action lawsuit for triggering the ire of regulators. Floyd and Paul are involved in a legal battle over their promotion of the Emax project.

LaMint allows content to be monetized with micro payments.

YouTube video

Do you know of a new way to use the digital currency? The ultimate guide to learning more about the digital currency and its creator, Satoshi Nakamoto, can be found in CoinGeek.