The future of crypto influencers hangs on a Senate vote

The Assembly adopted a bill regulating the status of influencersincluding those in the crypto-currencies. The text reserve the recourse to these influencers to the only holders of thePSAN approval. L’ADAN go to sorry of this vote.

The deputies’ bill Arthur Delaportesocialist deputy of Calvados, and Stéphane VojettaStéphane Vojetta, Renaissance deputy for the French abroad, has been stirring up the French crypto ecosystem for several months now.

Intended to regulate the activity of influencersIt was voted this week in theNational Assembly. Its purpose for its co-rapporteurs : “ Fighting against scams and abuses of influencers on social networks “.

Registered PSANs banned from influencers

But for the crypto players and its hexagonal influencers, the legislator had the heavy hand. If the law frames other areas than crypto, including cosmetic surgery, it has specific provisions for cryptocurrency.

Thus, it purely and simply prohibits the use of influencers for any actor who does not have a PSAN approval issued by the AMF. This amounts to a ban on the promotion of cryptocurrencies or companies in the sector.

Indeedno company has the approvalwhich will certainly become mandatory with the entry into force of MiCA. France has nearly a hundred PSAN registered companies. Despite the calls, the deputies did not want to extend the possibility of using influencers to registration.

Exemption for non-fungible tokens

Note one exception in the statute: NFTs. Non-fungible tokens, whose definition is broad, are not concerned. Scams in this sector are however not inexistent. For theADANHowever, this exemption is a reason for satisfaction. It is however the only one.

The association of crypto actors regrets a ban that “ defeats (the) purpose of this proposed legislation : Protecting users by providing complete, fair and accurate information “.

Adan regrets “ an additional blow” inflicted on PSAN, “ only weeks after the passage of the enhanced registration. The organization further finds that the law, which has yet to be confirmed by a vote in the Senateis detrimental to the attractiveness of France.

Impunity for foreign influencers?

Finally, the law and its measures would expose “ users in the hands of the only ones foreign influencers “who would be safe from sanctions. However, the public authorities are counting on social networks to impose French legislation on these offshore influencers.

Not everyone agrees with ADAN’s arguments. On LinkedIn, Rémy André Ozcan, the president of the Federation of blockchain professionalsOn the contrary, it is very critical of its action and proposals.

Any person or entity that plays a role in the marketing of an investment product must be supervised. Even more so today when an influencer often has more commercial impact than a TV ad”, he argues.

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