France will allow unlicensed companies to attract celebrities to advertise crypto assets

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French lawmakers introducedupdated bill that even unlicensed virtual asset service providers (VASP) will be able to attract celebrities to advertise their products.

According to a press release published onwebsite of the French Senate, legislators have reached a unanimous agreement to amend the bill regarding the marketing of cryptocurrency products and services. Initially, only licensed companies could use influencers to promote digital assets. The problem was that there are no licensed cryptocurrency exchanges in France, which effectively rules out the use of celebrity advertising.

Following widespread criticism of this bill,French senators introduced new amendments. They allow companies that are registered with the French Financial Markets Authority (AMF) to attract celebrities. Currently, about 60 crypto companies are registered with the department, but by law they are not required to request a license. The bill has been praised for its innovation in policing influencers across multiple industries, including gambling and nicotine products.

“The bill will create the foundation forbuilding a more responsible digital society. The Senate is proud that we are ready not only to control, but also to support the development of the digital economy and crypto assets,” said Sophie Primas, head of the Economic Affairs Committee.

Let us recall that in March French legislatorsvoted to tighten licensing rules for new cryptocurrency companies in the country to ensure compliance with anti-money laundering (AML) regulations.