French Authorities Introduce Certificate Program for Financial Influencers
Authorities in France recently announced the launch of a certified program for influencers in the country. The program is intended for financial influencers, which also includes crypto influencers.
The certificate called “Responsible Influence Certificate” is a collaboration between the Autorité des Marchés Financiers (AMF) and the Autorité de Régulation Professionnelle de la Publicité (ARPP). Since July 2022, the two bodies have announced plans for a financial sector-specific module as part of the certification.
Obtaining the Certificate
According to the agencies, the certificate is to help professionalize influencing, which is now regulated by law. To obtain the certificate, influencers must answer at least 75% of the 25 questions correctly.
However, the certificate is purely optional, as mentioned by a French-based crypto journalist in a tweet. Countering a tweet by Patrick Hansen, a Circle executive, that the certification was compulsory, the journalist stated that influencers do not need the certificate to advertise in the country.
Working with Registered VASPs
According to the journalist, influencers will now only be able to work with registered VASPs in the country. Per the post, this rule has taken effect since June 9.
Law on Influencing
However, as part of a June 2023 law introduced in France to guide commercial activities, influencers are required to indicate whether a post from them is an advertisement or a commercial obligation.
Number of Certified Influencers
Since the launch of the general influencing certification, the authorities said they have issued the certificate to nearly 1,000 French influencers. The introduction of the certification and the law on influencing is, however, not surprising considering how companies use influencers to push fake and scam projects.
Scrutiny on Influencers
Influencers, especially in the crypto space, have come under scrutiny for pushing fake and scam projects. In particular, the FTX collapse has revealed the involvement of several influencers and celebrities accepting money to push its projects. Since then, many users have initiated lawsuits against the influencers for their actions.