The French Senate committee on economic affairs has approved an amendment to pending legislation that will allow cryptocurrency companies to hire social media influencers for advertising and promotional purposes. This is a significant development for the French cryptocurrency industry, as it opens up new opportunities for promotion and advertising.
French senate floats new amendment to its crypto regulation
The original legislation called for a ban on influencer advertising for the cryptocurrency industry in France. The wording of the bill limited the companies who could engage in influencer advertising to only those licensed by the Financial Markets Authority (AMF), a requirement no cryptocurrency company currently meets.
However, the amendment approved by the committee has changed the language in the bill to allow companies registered with the AMF to hire influencers for their products. The amendment eliminates the licensing requirement and thus allows cryptocurrency companies that are simply registered with the AMF to pay influencers for promotion on social media.
This is a positive development for cryptocurrency companies operating in France, as they can now hire social media influencers to promote their products without the need for additional licenses. The change will benefit both cryptocurrency companies and social media influencers, who can now collaborate on promotional campaigns.
The amendment highlights positive steps for French influencers and its crypto community
The change in legislation by the French senate has been hailed as a positive step for the French influencer and cryptocurrency markets. The move will create new opportunities for social media influencers to collaborate with cryptocurrency companies, which will help to drive awareness and adoption of cryptocurrencies.
The amendment still needs to be ratified officially, and it must pass through the full Senate in a plenary meeting before it faces approval by the National Assembly. Nonetheless, the amendment has been welcomed as a significant development for the French cryptocurrency industry and a positive move for social media influencers.
The move by the French senate is a positive step for both the French influencer and cryptocurrency markets, and it will create new opportunities for promotion and collaboration. While the amendment has not yet been officially ratified, it is a significant development for the French cryptocurrency industry, and it could pave the way for further developments in the sector.
Source: https://www.cryptopolitan.com/french-senate-clears-crypto-friendly-bill/