France launches a certificate for finfluencers, including crypto

David Attlee1 hour agoFrance launches a certificate for finfluencers, including cryptoThe country has introduced a non-obligatory Responsible Influence Certificate for those promoting crypto.571 Total views17 Total sharesListen to article 0:00NewsJoin us on social networksAmid the current pressure on so-called “finlfluencers,” promoting investment products in their blogs, France makes a step toward outright licensing them. The country introduces a non-obligatory Responsible Influence Certificate.

As revealed on Sept. 7, two French regulatory agencies, the Autorité des Marchés Financiers (AMF) and the Autorité de Régulation Professionnelle de la Publicité (ARPP) have jointly set up a training module for influencers in the financial sector.

The "Responsible Influence Certificate" has existed since 2021, when it was first time introduced by the ARPP. Over 1,000 French influencers have obtained it. Now the Certificate will have a special course for financial influencers, advertising equities, bonds, ETFs, funds, derivatives and other investment products, including even wine. Crypto-assets are also mentioned in the announcement.

Related:AI usage on social media has potential to impact voter sentiment

To pass the Responsible Influence Certificate in Financial Advertising, one would have to obtain a minimum of 75% correct answers to 25 multiple-choice questions. While the Certificate doesn’t hold the status of an obligatory legal document, the ARPP would be able to withdraw it from non-complying influencers. Moreover, to obtain the Responsible Influence Certificate, one would first have to get the “general Certificate”, developed by the ARPP for all influencers.

In May 2023, the French Senate approved an amendment allowing registered cryptocurrency companies to hire social media influencers for advertising and promotional purposes. At the same time, in the United Kingdom regulators warn influencers that their promotions could be an offense punishable by up to two years in jail, an unlimited fine or both. And the ​European Consumer Organisation lobbies for a total prohibition on advertising crypto for influencers.

Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.

Magazine:NFT collapse and monster egos feature in new Murakami exhibition# France# Social Media# RegulationAdd reactionAdd reactionRead moreHow to actually spend your Bitcoin, ExplainedHow to handle crypto trading gains and losses on your balance sheetRon DeSantis’ falling polls: Could crypto lose its candidate?