Last month, The national assembly passed legislation to strictly supervise the promotion of projects related to the crypto ecosystem. By refusing any promotion of actors who do not have PSAN approval, the text simply seemed ban influencers and crypto media to exercise. Indeed, at present, no company in France has the PSAN approval required by this law.
While BFM Crypto asks one of the deputies at the origin of this text of law, the latter explains that he does not have the impression of prohibiting influencers from exercising their profession:
Crypto influencers will not be silenced. They will still be able to produce content and demonstrate popularization of the cryptocurrenciesas long as they are not paid.
Stephane Vojetta
Stephane Vojetta continues by comparing and contrasting the crypto currencies sports betting and alcohol including “companies use traditional channels to advertise and are used to playing by the rules.“
Some points of the text could be subject to modifications
Mr Vojetta claim to be “tried to grasp the outstretched hand” of Adamwhich proposes that influencers are able to promote services provided by digital asset service providers (PSAN) registered with the AMF. Unlike the PSAN approval, several dozen companies have validated their PSAN registration.
However, this point had been advanced by Adan and also proposed in an amendment by the deputy Eric Bothorel, but had been refused by Stéphane Vojetta during the vote in the National Assembly.
If we decide to open this possibility to influencers, we must still ensure that the AMF has the means to investigate the requests in order to be able to issue registrations to the entities that will then request them.
Stephane Vojetta
As Mr Vojetta explains, the AMF is already struggling to keep pace with PSAN registrations. This is why this text of the law worries the industry so much, which does not see how the regulator will manage to process the registration requests that are likely to flow in when the law is passed, without even imagining the requests for approval…
A text of law still too vague for a young industry
On the subject of the cases concerned, the deputy recognizes the difficulty of classifying crypto companies:
Perhaps we should be more specific about the categories of companies concerned by the text.
Stephane Vojetta
Indeed, according to Mr Vojetta, Ledger would not be affected by this bill, unlike the other unicorn French without PSAN, Sorare whose promotion involves “more risk.
The MP then explains that the administrative authorities will not hesitate to contact the social network platforms and ask them to suspend influencer accounts who do not respect this potential new law.
NFTs considered gambling?
While the General Inspectorate of Finance is currently studying the NFT’sthe latter could be placed in a particular category: that of gambling. For this reason, the ecosystem NFT is not currently affected by the text of the law aimed at regulating crypto influence, despite its equally volatile nature.
The text should be voted by the Senate on May 9 before potentially going to a joint joint committee and then a new and last time before the National Assembly at the start of this summer. Until then, the crypto community is trying to make itself heard by its representatives, in an attempt to save many of the trades concerned.
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