Good day everyone,
I hope you are all well and having excellent day, welcome to CryptoGod-1’s blog on all things crypto. This post will be looking at the recent announcement by French authorities to roll out a licensing program for influencers involved in financial products, including cryptocurrencies.
French Aim for Influencers
The French authorities have rolled out a licensing program which will be specifically for influencers involved in financial products including cryptocurrencies. Protection concerns have been cited for the move, with the Autorité des Marchés Financiers (AMF) and the Autorité de Régulation Professionnelle de la Publicité (ARPP), two French agencies, joining together to jointly set up a training scheme to ensure best practices around advertisements.
All influencers who complete the program will earn a non-obligatory “Responsible Influence Certificate.” The certificate was initially introduced by the ARPP in 2021 and has been issued to over 1,000 influencers so far. The certificates will be issued to influencers who focus on markets like stocks, bonds, ETFs, derivatives, investment products, and cryptocurrencies.
The head of the AMF, Marie-Anne Barbat-Layani, stated that the nature of the financial markers are in need of tighter and more stringent regulations for investment protection given the sheer level of prevalent scams being recorded on a yearly basis. She noted:
“Protecting retail investors is our top priority. If a publication by an influencer is paid for, the public must be informed. Finance is a highly regulated sector, and investment communications must comply with the rules and be clear, accurate, non-misleading, and balanced. It appears that some influencers are unaware of this.”
She also added that this move will allow the field of influencers related to financial products such as cryptocurrencies will be more professionalised along with making the area more uniform. The ARPP’s General Manager Stephane Martin highlighted that the action is beneficial to all parties.
“As part of its statutory mission to promote fair, truthful, healthy, and responsible advertising for the benefit of consumers-citizens and professionals, the ARPP has set up the Responsible Influence Certificate, which contributes to its prevention actions and to the education needed by content creators in the context of their commercial influence activity.”
The certificate requires participants to reach a minimum score of 75% out of a total of 25 multiple-choice questions.
Have a great day.
Peace. CryptoGod-1.
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