In a recent news report, cryptocurrency influencers in France have been mandated by the authorities to get a Responsible Influence Certificate, just like their colleagues in every other division of the finance sector, in alignment with the MiCA crypto regulations. Any influencer who wishes to promote investments must be certified, as per the new rules.
The latest development in the French finance sector revealed that the French authorities are weighing in on the increasing concerns surrounding the unregulated activities of influencers for crypto investments in the country. According to the report, two top agencies in the French Finance Sector, the Autorité de Régulation Professionnelle de la Publicité and the Autorité des Marchés Financiers, have taken action to regulate the influencers’ activities.
In addition, the report revealed that any celebrity or popular figure who decides to start a discipline in Commercial Influence has been mandated to directly get a “Responsible Influence Certificate“ from any of the two finance agencies, ARPP and AMF. Meanwhile, the rule also obligated cryptocurrency influencers in the country who wish to practice their profession to get certification from any of the two agencies before they can promote any crypto investment.
Crypto Influencers Needs To Pass Exams Like Other Financial Influencers
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According to the report, the two French finance regulators, ARPP and AMF, started collaborating, working hand in hand to regulate the financial broadcast system in 2011. Meanwhile, ARPP reportedly drafted and launched the Responsible Influencer Certificate in 2021 to curb inappropriate influencing in the finance sector of the country.
In July 2022, however, the two institutes publicly declared their joint goal to build a module, particularly for the French finance system. Since its introduction, the ARPP has dished out the Responsible Influencer Certificate to more than 1,000 influencers in the country. In addition, the report showed that the majority of their certification holders have completed the virtual training courses provided to help them navigate the influencer marketing field successfully.
As such, the currency situation in France warrants cryptocurrency influencers to sit and pass the examination that other financial influencers in the country go through before getting the eligibility certification to promote crypto-related investments.
Furthermore, the report pointed out that crypto influencers must correctly answer at least 75% of the 25 multiple choice questions that would be presented to them. Also, the questions would cover a wide range of finance topics, including investment products (ETFs, stocks, bonds), trading, crypto and digital asset service providers, portfolio management, and other services and products offered.
ARPP and AMF Aligns Rules With MiCA Regulations
Commenting on the new development, Marie-Anne Barbat-Layani, the President of AMF, stated that the primary goal of the two finance agencies is to protect retail investors. He added that it is appropriate that the public know when an influencer is paid to advocate for any crypto investment.
In addition, Barbat-Layani stated that the Finance sector is guided by strict regulations, part of which mandates investment communications to follow the standards, maintaining sound clarity, balance, and accuracy with no misleading concept. However, the President said some influencers seem to be ignorant of the regulatory status.
Also, he highlighted that with the aid of the responsible influence certificate, influencers would be more professional in advocating crypto products and investments and, hence, help to protect investors from complex and risky financial products. Lastly, the President urged professionals and public figures who want to influence any financial products to get their certification from either ARPP or AMF.
Meanwhile, another spokesperson for AMF stated that the latest development concerning crypto influencers’ certification was part of the broad upgrading of the agency’s regulations to align with the MiCA Regulations introduced by the European Union.
In addition, the agency used the DDADUE Act recently drafted to enforce the registration of digital asset service providers. The newly introduced crypto regulations by AMF will be officially enforced by January 1, next year, according to the report.