France Introduces Responsible Influence Certificate for Crypto Promoters
France has introduced a non-obligatory Responsible Influence Certificate for influencers promoting cryptocurrencies and other investment products. The certificate aims to educate and regulate influencers to ensure responsible marketing practices in the financial sector.
Posted 10 months ago in Blockchain
The country of France has taken a step toward licensing and regulating influencers who promote investment products, including cryptocurrencies, in their blogs and social media platforms. The Autorité des Marchés Financiers and the Autorité de Régulation Professionnelle de la Publicité (ARPP) have jointly introduced a non-obligatory Responsible Influence Certificate for influencers in the financial sector.
The Responsible Influence Certificate, which has been available since 2021, will now include a special course for financial influencers who advertise equities, bonds, exchange-traded funds, funds, derivatives, and even wine. Crypto assets are also mentioned in the announcement.
To obtain the Responsible Influence Certificate in Financial Advertising, influencers must score a minimum of 75% on 25 multiple-choice questions. Although the certificate is not legally binding, the ARPP has the authority to revoke it from non-compliant influencers. Prior to obtaining the Financial Advertising certificate, influencers must first acquire the General Certificate, which is developed by the ARPP for all influencers.
This move by France follows a May 2023 amendment that allows registered cryptocurrency companies in the country to hire social media influencers for advertising and promotional activities. In contrast, the United Kingdom warns influencers that promoting cryptocurrencies could lead to penalties of up to two years in jail, hefty fines, or both.
The European Consumer Organisation has even pushed for a complete ban on crypto advertising by influencers. It is worth noting that France's Responsible Influence Certificate aims to educate and regulate influencers, rather than outright prohibiting their activities.
The introduction of the Responsible Influence Certificate in France reflects the growing importance of cryptocurrency-related promotions and the need for responsible and informed marketing practices in the financial sector.
Last updated 9/11/2023, 3:59:51 AM
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