Influencers Act: the Senate gives a boost to PSANs

In debate in the Parliamentthe law on the influencers has been softened at Senate by proposing to the registered crypto service providers and to ICO issuers to continue to resort à commercial influence. The parliamentary discussions are not not completed however.

ADAN, the crypto influencers and entrepreneurs in the sector are hanging on the decision of parliamentarians. The French Parliament is currently examining the law called influencers, whose provisions include the crypto and its promotion.

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The version of the text defended by its authors is considered particularly restrictive restricting the use of influencers to a very small number of companies supervised by the AMF (currently 0). The Economic Affairs Committee of the Senate proposes, however, that relaxations.

Registered PSANs spared from the ban

ADAN quickly reacted. Through a amendmentthe commission defends a new version of the law allowing the registered PSAN and to ICO issuers to “continue to be promoted .

Another change introduced in the text: crypto activities outside the PSAN perimeter, such as NFTs and decentralized financeNor will they be prohibited from being promoted by influencers.

Is the danger definitely going away for opponents of binding legislation for crypto? Not yet, stresses the association of digital asset market players.

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Backtracking in the Assembly still a possibility

Important clarification: the parliamentary shuttle is still in progress. It is a bill that will be presented in the Senate. Nothing is done yet but the debate is moving forward,” ADAN warns on Twitter.

The association nevertheless wants to optimistic. “Things are moving forward, it’s encouraging she adds. The amendment adopted in committee, and justified by an alignment with the consumer code, will be examined next week in plenary session.

A harmonization The Senate and the Assembly will then have to harmonize their versions of the law. Until now, the deputies were in favor of more restrictions. The bill voted in the Assembly reserved promotion to accredited PSANs only.

The AMF has not issued any approval to date. This status, which is much more demanding than registration, will however be mandatory in the future in order to comply with the European MiCA regulation.

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