French legislators recently amended a draft measure. This measure would have severely restricted cryptocurrency firms’ use of influencer marketing. The first draft of the measure sought to prohibit locally-regulated crypto businesses from using influencers. Nonetheless, the revised version of the law appears to take a softer stance.
Only approved cryptocurrency firms would have been permitted to engage in influencer marketing under this new idea. It is vital to remember, however, that no French enterprises are currently licensed. This is due to the fact that getting a license is not mandatory.
Following this, the French Senate opted to amend the law, extending its provisions to encompass influencer promotions in a variety of industries. This is no longer limited to the cryptocurrency business.
— Walletor (@walletorapp) May 26, 2023
The new measure now requires cryptocurrency companies licensed with the country’s financial regulator, the Financial Markets Authority (AMF), to engage influencers in their marketing activities. This strategy shift tries to create a more formal framework for influencer marketing operations.
It is also important to note that the precise language of the agreed-upon measure has yet to be released. This will offer further information about the bill in greater depth. It is also worth mentioning that AMF has registered around 60 crypto firms. It will be fascinating to observe how these corporations react to the new legislation.
The proposed modifications show a more flexible approach to regulating influencer marketing in the crypto business. The French government hopes to foster responsible marketing practices by mandating registered crypto businesses to hire influencers.
As the updated bill’s specifics become available, it will be fascinating to watch how these new restrictions affect influencer marketing methods. It will also be interesting to see how they may change the general landscape of digital advertising in the blockchain space.