The French National Assembly votes for a softened crypto influence law

The proposed law on influencersincluding cryptohas reached the stage ofNational Assembly in a version more favorable at companies in the sector than in its original version.

“We are delighted with the outcome of this proposed law “immediately reacted l’Adan after the National Assembly voted in favor of the text on influencers. The association representing the interests of the crypto industry has reason to rejoice.

It was largely able to make its members’ arguments heard by the deputies, and thus succeed in getting a vote on the text. softened law compared to its original version.

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Balancing protection and industry interests?

This proposed law embodies legislators’ interest in Web3, but also their desire to protect consumers from the excesses of influence marketing,” comments Adan on Twitter.

Remember that in its initial draft, the proposed law prohibited any promotion fromnon-PSAN-certified actors. However, in France, no company in the crypto market is currently licensed.

Only registered PSAN exist. The latter were therefore barred from accessing influencers’ services. The voted text thus favors a “balance between “regulation and development of the sector the sector organization is satisfied.

ICOs only with AMF approval

In addition, the regulation on influencers does not apply to NFTs, DeFi or training organizations. However, Adan did not obtain satisfaction on all its demands.

Contrary to our wishes, ICO issuers will not be able to promote their projects through influencers in France, unless they have obtained the visa of the AMF”, regrets the association.

The latter would have preferred an “obligation to provide information rather than a ban”. .

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The ICOs are proving rarer in France than in their golden age of 2017 and 2018. What’s more, these operations have been exploited on numerous occasions to promote projects that lack substance, or even amount to scams.

DeFi and NFT framing in the coming months

Scammers have other instruments at their disposal, such as NFTs. In 2022, a famous French influencer rented out his services to a film project financed by the sale of 50,000 non-fungible tokens. Mediapart has since published an investigation attesting to the initiative’s death. Damage: 1.5 million euros.

By excluding NFTs from the text, isn’t the legislator leaving a loophole open? Temporarily. “Specific regulations should be put in place in the coming months. says Adan.

A final stage awaited the Influencers Act. It was passed this afternoon by the Senate. A priori, the cross-party text should not have encountered any obstacles.

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