The Mixed Joint Commission has approved the draft law on influencers in France, removing the requirement for certification as a service provider on digital assets (PSAN) for companies wishing to advertise with influencers. The text must still receive the approval of the National Assembly during a vote which will be held on May 31.
The Joint Joint Committee agrees on the “Influencers” bill
Yesterday, Thursday, May 25, senators and deputies voted unanimously in favor of the bill aimed at better regulating the activity of influencers in France during a joint joint committee.
📢 Law on influencers: an unprecedented agreement to better protect consumers
Gathered in a joint committee, senators and deputies reached a unanimous agreement on the #PPLInfluencers.
The press release:
🔗 https://t.co/qcY1JfH1Qx pic.twitter.com/zZc4ZzZqEg— Senate (@Senate) May 25, 2023
Regarding the cryptocurrency ecosystem, we can only welcome this decision by the Commission, the latter having shown itself in favor of the revised text, which was more flexible than the initial text which notably required companies to be approved as Digital Asset Service Providers (DSPs) to have the possibility of using advertising via influencers.
Nevertheless, no company in France currently holding PSAN approval (about fifty hold the registration at best), the amended text now requires companies wishing to use this type of advertising to register as a PSAN with the Financial Markets Authority (AMF).
About cryptocurrencies, here is what mentions Arthur Delaporte’s press releaseat the origin of this text designed alongside MP StĂ©phane Vojetta:
- “Only financial products and cryptocurrencies from players registered with the AMF may be promoted, always within a regulated framework”;
- “The agents of the DGCCRF [Direction générale de la Concurrence, de la Consommation et de la Répression des fraudes, NDLR] or the AMF see their supervisory capacities strengthened”;
- “The commercial influence activity must be the subject of a written contract, from the moment when the cumulative value of the remuneration or benefits in kind exceeds a threshold fixed by decree”.
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After that ?
To be definitively adopted, the text will still have to receive the final approval of the deputies during a vote in the National Assembly and the Senate on May 31. Note also that although we know the main lines of the text, its exact wording has yet to be published.
The proposal aims to regulate the influencer marketing sector more broadly, and will in particular make it possible to prohibit the promotion of surgery and aesthetic medicine, therapeutic abstention, to regulate more severely the promotion of medical products or even ban the promotion of products containing nicotine.
Minors will also be better protected thanks to the proposaladvertisers are now prohibited from advertising for them for anything relating to gambling, sports betting or subscriptions to forecasts.
To this end, dissuasive sanctions are also found in the bill. Thus, if an influencer were to try to conceal his commercial activity or not to respect the text governing his activity, he could be sentenced to up to 2 years in prison and a fine of €300,000.
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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