What's Hot

    Binance Freezes $4.4 Million Worth of Crypto

    May 27, 2023

    Binance Partners with Gulf Innova to Launch Exchange in Thailand

    May 27, 2023

    Microsoft and Visa Set to Participate in Brazil CBDC Pilot

    May 26, 2023
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    The Bull's GazetteThe Bull's Gazette
    Members Area
    • News
      1. Markets
      2. Policy & Economy
      3. Business
      4. Tech
      Featured

      Binance Freezes $4.4 Million Worth of Crypto

      News May 27, 2023
      Recent

      Binance Freezes $4.4 Million Worth of Crypto

      May 27, 2023

      Binance Partners with Gulf Innova to Launch Exchange in Thailand

      May 27, 2023

      Microsoft and Visa Set to Participate in Brazil CBDC Pilot

      May 26, 2023
    • Features
      • Opinion
    • Research
      • Publications
      • Market Analysis
      • Contribute
    • Finance & Crypto Guides
    • Consultation
    • Membership
    • Store
    The Bull's GazetteThe Bull's Gazette
    Home»News»Policy & Economy»French Lawmakers Looking to Relax Strict Crypto Regulations 
    Policy & Economy

    French Lawmakers Looking to Relax Strict Crypto Regulations 

    Anietie DavidBy Anietie DavidMay 26, 2023Updated:May 26, 2023No Comments2 Mins Read
    French Lawmakers Looking to Relax Strict Crypto Regulations 
    Image from Wikimedia Commons
    Share
    Facebook Twitter LinkedIn Pinterest Email

    French lawmakers have now agreed to soften the restrictions after initial proposals in March sought to impose strict limitations on the use of influencer marketing by locally-registered cryptocurrency companies.

    The original version of the bill mandated that only licensed crypto companies could engage in influencer marketing. However, it is important to note that currently, no crypto companies are licensed in France, and there is no legal obligation for them to obtain such a license.

    On May 25, the French Senate unanimously reached an agreement on a revised bill designed to regulate promotions conducted by influencers across various industries. According to lawmakers Arthur Delaporte and Stéphane Vojetta, the updated bill now only requires crypto firms registered with the Financial Markets Authority (AMF), the nation’s financial regulator, to utilize influencer marketing for their promotional activities. The specific wording of the agreed bill is yet to be made public.

    French Lawmakers Imposing Jail Time on Defaulters 

    At present, the AMF has around 60 registered crypto firms, none of which have opted for the voluntary licensing.

    According to the statement by Delaporte and Vojetta, the revised regulations by French Lawmakers stipulate that only financial products and cryptocurrencies offered by AMF-registered entities can be promoted. The release also mentions that both the financial watchdog and the consumer affairs regulator will experience strengthened control capabilities. Non-compliance with these laws carries penalties, including potential imprisonment of up to two years, a fine of 300,000 euros ($322,000), and the potential prohibition of influencer activities.

    The restrictions on influencers by French Lawmakers extend beyond crypto promotions and now encompass other products, such as nicotine-related items like vapes. Additionally, there will be a prohibition on featuring sports betting and gambling products in promotions targeted at individuals under the age of 18.

    This agreement follows the Senate’s Committee on Economic Affairs’ approval, in early May, of an amendment allowing AMF-registered crypto firms to engage in influencer marketing.

    Blockchain Crypto Regulations France
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticleBitpanda Partners with Coinbase for Licensing Agreement 
    Next Article Microsoft and Visa Set to Participate in Brazil CBDC Pilot
    Anietie David

    Anietie has worked in the blockchain industry for three years, gaining experience in blockchain technology, cryptocurrencies, DeFi, and NFTs. As a seasoned content writer, he is passionate about creating effective content strategies for blockchain brands. In addition to content writing, he also has a strong interest in front-end development. When he's not working, he spends his time reading horror novels or playing CODM.

    Related Posts

    Binance Freezes $4.4 Million Worth of Crypto

    May 27, 2023

    Binance Partners with Gulf Innova to Launch Exchange in Thailand

    May 27, 2023

    Microsoft and Visa Set to Participate in Brazil CBDC Pilot

    May 26, 2023
    Add A Comment

    Leave A Reply Cancel Reply

    Top Posts

    French Lawmakers Looking to Relax Strict Crypto Regulations 

    May 26, 2023

    Russian Lawmakers Propose Changes to Digital Ruble Bill

    May 24, 2023

    Japan Set to Enforce Strict Crypto Anti-Money Laundering Laws

    May 24, 2023

    Our best content, straight to your inbox.

    Disclaimer

    Capital at risk. Content on this website does not constitute financial advice. Please do your due diligence before making any investment.

    Company
    Company

    At the forefront of news and analysis for emerging markets, business, crypto and tech - TBG is redefining financial information through resources for next-generation economics.

    Facebook Twitter Instagram LinkedIn TikTok Discord
    Links
    • About
    • Contribute
    • Advertise
    • Careers
    • Membership
    • Investor Relations
    • Frequently Asked Questions

    TBG Newsletter

    © 2023 The Bull's Gazette.
    • Terms and Privacy
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.