According to a recent bill proposed by French lawmakers, crypto influencers might be penalized for promoting crypto projects by electronic means. Under this, influencers who promote any product with an associated financial risk can be sentenced to 2 years in prison or a fine of 30K Euros.
The objective of the ban is said to be the safety of consumers against potential hazards related to particular financial products and services. However, no relaxation has been given to those influencers who are already working in the field and educating French investors.
Ironically, the ban is being proposed in the Constituent Assembly at a time when the Paris Blockchain Week is going on in the capital, attracting innovators and investors from around the world. Due to the increasing interference of the SEC in the USA, crypto projects are actively looking towards a more clearly regulated country to base their operations and France could be a great choice for them. However, this decision is surely going to deteriorate these chances by a big margin.
If this bill passes in the Assemblée Nationale Constituante, France will no longer have any crypto influencers to educate its population about the use case of the particular project and the value it should be associated with.
The law will only permit crypto asset operators who have received authorization from the Autorité des Marchés Financiers (AMF) to advertise their services. The AMF is a regulatory agency responsible for overseeing and implementing regulations governing financial markets and market infrastructure.
This will go strongly against the principles on which France boasts of being the most liberal democracy in the world. This will not only reduce the credibility of France and Paris toward tech entrepreneurship but also hurt the present crypto influencers who have given years to build an audience.
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