The French Senate’s Committee has proposed to allow social media influencers to promote crypto products from registered or licensed companies, in contrast to the National Assembly’s stricter stance.
The French Senate’s Economics Committee has agreed on a proposal to let social media influencers promote crypto products from companies that have either registered with or obtained a license from the regulators.
The Senate plenary will consider the plan next week, which is less stringent than the one enacted by the National Assembly in March. It would bar crypto marketing by social media stars unless they had a Financial Markets Authority license, which no firm presently has.
The Senate Committee’s proposal aligns the bill with the French Consumer Code, according to Amel Gacquerre, the lead lawmaker for the amendment.
The bill also imposes limits on influencers advertising cosmetics and gambling.
Dozens of crypto companies, including Binance, Bitstamp, and eToro, have registered with the regulator, which verifies that they comply with money laundering and governance standards.
The proposal by the Senate Committee would allow them to pay for publicity via influencers on social media platforms.
The bill aims to prepare France for new EU rules called Markets in Crypto Assets Regulation (MiCA), which sets stricter rules for stablecoin issuers.
Industry lobby group ADAN, which has previously criticized the National Assembly’s position as harmful to France’s crypto ambitions, welcomed the Committee’s stance as “encouraging” in a tweet on Wednesday.
