French influencers now have to take a test to promote cryptocurrency
Date: 2023-09-09 Author: Karina Ziganova Categories: BLOCKCHAIN, IN WORLD
According to a press statement, French social media influencers and those influencing the crypto industry are required to obtain Responsible Influencer certifications before promoting a financial product.
The Responsible Influencer in Finance Certificate was created by the Autorité des Marchés Financiers (AMF) and the Autorité de Régulation Professionnelle de la Publicité (ARPP) to test influencers in the new law regulating social media influencers.
Due to the law coming into force on June 1, forcing influencers to disclose sponsored content on their pages and prohibiting them from promoting products/services that are harmful or inconsistent with the goals of their audience.
To earn the certificate, students must score at least 75% on 25 multiple-choice questions that test their understanding of financial practices. The certificate is only valid for a year, and many important people will have to take the test again to renew it.
The course covers a variety of topics, covering investment products and financial services, crypto assets, and digital asset service providers.
Marie-Anne Barbat Layani, who is the Chairman of the AMF said:
This certification is a responsible influencer in the advertising industry, helping to professionalize the field and protect investors from financial market products that are too complex or simply too risky.
France thus sets an excellent precedent. It may influence other countries with their attempts to regulate development economics advertising. Essentially, such an action could combat advertisements for fraudulent cryptocurrency businesses from a paid straw man.
However, similar guidelines apply in the United Kingdom. British regulators have tightened their stance on cryptocurrency-related advertising. Crypto assets in the form of money have been made available to companies by the Financial Conduct Authority (FCA) before. Regulator warning: non-payers of these measures face up to 2 years in prison.
To combat fraudulent activity, the UK Treasury is considering a ban on cold calling in the financial services sectors.
