On Thursday, March 30, the National Assembly voted in favor of a bill requiring influencers to only promote companies licensed as Digital Asset Service Providers (DSPs). Only problem, no company is approved PSAN in France. In addition, the deputies show here that they refuse the outstretched hand of the sector, which proposed in particular a better framework for the activity of influencer.
The National Assembly adopts the text targeting influencers
Finally, the Association for the Development of Digital Assets (Adan) and Owen Simonin (Hasheur), who tried to defend the French-speaking crypto sphere with MPs Stéphane Vojetta (Rennaissance) and Arthur Delaporte (PS), did not succeed. to make their voices heard.
Today, the National Assembly has voted in favor of a text aimed at prohibiting “influencers” from promoting any project relating to cryptocurrenciesunless the company concerned is licensed as a digital asset service provider (PSAN).
Only problem today absolutely no company benefits from PSAN approval in France. That said, more than sixty are registered as PSAN, a less demanding title but which remains mandatory for any entity wishing to offer the purchase or sale of cryptocurrencies on its platform.
As such, an amendment aimed at allowing influencers to highlight projects registered as a PSAN was tabled by MP Eric Bothorel, but this amendment was rejected this Thursday by the Assembly.
The text, before being definitively adopted, will have to undergo a few more stages, in particular the passage between the hands of the senators and possibly of the joint joint commission in the event of disagreement.
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The ax rather than negotiations
We note that the cryptocurrency sector has not been exclusively targeted by the bill we are talking about, since it has been placed on the same level as cosmetic surgery or image editing, among others.
And yet, the sector has tried to make itself heard, in vain. While it is absolutely essential that investors be protected and that influencer activity be framed with this in mind, Adan had precisely proposed an alternative framework to this bill as it was presented today. .
In this text, Adan highlighted in particular the recent strengthening of the PSAN registration criteria – with the Financial Markets Authority (AMF) – within the framework of the DDADUE law, which already subjects the service providers concerned to the obligation to communicate in a clear and transparent manner to their public. As the association also points out, registered service providers have the right to advertise their services in accordance with Article L. 222-16-1 of the Consumer Code.
Thus, promoters of content relating to cryptocurrencies could very well be forced to comply with sector-specific requirements to enable the development of the sector while protecting their communityas the Adan also recalls:
“The promotion of products and services on digital assets must therefore be able to maintain a clear balance between the presentation of the performance and advantages of digital assets as well as the risks associated with this type of investment. Influencers, the main sources of information for users in this market, are the de facto guarantors of this balance through the content they distribute. »
We can therefore only note the refusal of an outstretched hand on the part of the deputies, faced with a sector which nevertheless showed itself ready to strengthen the legal framework concerning it. By requiring influencers to promote only PSAN-approved companies, the bill does not aim to better regulate the activity, but purely and simply to delete it.
👉 For more details, find our article on the risks of this law
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Source: National Assembly
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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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