Lawmakers are proposing a ban on crypto influencer promotions

French lawmakers have proposed a ban on the electronic promotion of certain financial products and services, including crypto assets, to protect consumers from potential risks.

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The proposed amendment to Bill No. 790 aims to combat fraud and abuses by influencers on social networks, in addition to imposing a ban on advertising health products, gambling and video games, using similar mechanisms.

On the other hand, the proposal reviewed by the Economic Affairs Committee targets commercial influencers who promote financial products and services that are risky to consumers, such as investments in digital assets or intangible and non-fungible property.

If the amendments are approved, only operators approved by Autorité des Marchés Financiers Declare crypto assets.

where considered Financial Markets Authority AMFIt is responsible for the rules applicable to financial markets and market infrastructures, approving corporate finance transactions, and authorizing financial services professionals and collective investment products under its supervision.

In a related context, the proposed amendment seeks to place a ban on advertising targeting financial products and services that are dangerous to the consumer, to deal with violations observed on social networks, and the new wording of the amendment will allow for exceptions that will be decided by the regulatory authority.

The proposal also states that violating the proposed bans could result in a two-year prison sentence and a fine of 30,000 euros ($32,600). The aim is to protect consumers from potential risks associated with certain financial products and services, while allowing flexibility in some exceptions.

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In turn co-founder and event leader Paris Blockchain Week, Michael Amarhis belief that comp Web2 The large one that enters the space Web3can be positive for the ecosystem, as it brings with it resources capable of increasing mass adoption.