France warns influencers off crypto promotion

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Updated March 23, 2023 | Published March 23, 2023

2 mins read

No digital asset product is licensed in France and therefore the promotion of crypto could cost influencers dearly.

French influencers will no longer be able to promote digital currencies online, French lawmakers have decided.

The rule was confirmed after a vote in the National Assembly where the Economics Committee backed the issue with an overwhelming majority.

French social media influencers will now be held to much stricter standards when they promote digital assets.

For one, they won’t be able to tout unlicensed crypto products, as these products are in fact not safe and could be scams.

People who are well-known on Instagram and YouTube will now have to ensure that they comply or face the consequences.

This is not without precedent – in the US, the Securities and Exchange Commission has already meted out punishments to celebrities and influencers who had promoted cryptocurrency products.

Kim Kardashian, Kanye West, and Jake Paul are among some of those targeted by regulatory action or lawsuits. NBA legend Michael Jordan is reportedly hiding in his home following the collapse of cryptocurrency exchange FTX.

Violations of the proposed measures could result in $32,000 fines (€30,000) and up to two years imprisonment.

This is also the tricky part as there is really no scope for advertising crypto products as of right now, because the French Financial Markets Authority has not licensed any crypto companies.

Lawmakers have agreed that the time to act is now, as the collapse of crucial crypto infrastructures across the world has been happening at a precipitous rate.

Yet, critics say that it’s the financial system that is in trouble, not cryptocurrencies. Regardless, efforts to regulate crypto have intensified significantly.

Belgium is looking to introduce tighter controls on crypto advertisement, and the White House issued a recent report in which it went to considerable lengths to talk about digital assets.

Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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