On Wednesday evening, the National Assembly approved the text voted by the Joint Joint Committee on the subject of the “Influencers Law”. After the first concerns about the cryptocurrency ecosystem, this new legal framework is nevertheless taking a reassuring turn. We take stock.
The National Assembly adopts the final version of the “Influencers Law”
This was the hot topic of the last few months: the “Influencers Law”. If factually a legal framework is necessary in the field of influence in generalthe prospects that the original text posed to the cryptocurrency ecosystem had reason to worry the industry, theoretically dealing a fatal blow to many French players.
Nevertheless, after extensive work with political figuresnotably led by ADAN and its president Faustine Fleuret, Owen Simonin (Hasheur), CEO of Meria, as well as Valentin Demé, CEO of cube3 and content director of Cryptoast, more acceptable conditions have started to appear.
On Wednesday evening, the National Assembly voted on the final text proposed by the Joint Joint Commission, sealing this legal framework with 194 votes :
The law was passed in session at the National Assembly👌🏼 https://t.co/NA1XnVNvpx
— Hasher (@PowerHasher) May 31, 2023
On the occasion of this vote, Valentin Demé returned to the positive outcome of this regulation :
“After the amazement of the first vote in the National Assembly a few months ago, all of the political leaders listened to refine the Web3 section of this law and combine citizen protection and innovation. A fair outcome that is consistent with the existing regimes that frame this booming sector. »
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Key points to remember
In order to be able to promote players in the cryptocurrency ecosystem on social networks, several rules must be respected. Thus, promotion can be made for companies registered as a service provider on digital assets (PSAN).
Originally, certification was mandatory, which meant that no company met the criteria for the time being.
Several professions are entitled to an exception, and are therefore not affected by this Influencers Law, namely non-fungible tokens (NFT) and decentralized finance (DeFi), which will subsequently be regulated at European level. In addition, companies not falling within the scope of the PSANs such as Sorare, Waltio or Ledger, are also dubbed, where this was not the case initially.
However, a point of regret remains concerning the Initial coin offering (ICO). Indeed, while it is possible for projects to advertise without canvassing, like posters in the metro, the new regulations prohibit promotion through influence without the approval of the Financial Markets Authority (AMF). This is a particularity that was noted by Faustine Fleuret:
“While it seems legitimate to want to better control the communications of token offers to the public, it would have seemed more relevant to us to impose information obligations, in accordance with what we were proposing, than to create distortions in positive law. . »
Despite this small downside, this framework remains a suitable solution for the Web3 ecosystem in France, and will not curb the country’s ambitions. which occupies an increasingly privileged place in the industry.
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