France has introduced the “Responsible Influence Certificate” license for financial sector influencers, known as “finfluencers,” to ensure responsible advertising practices and protect retail investors. This move could significantly impact the promotion of cryptocurrencies in France, potentially reshaping the landscape of crypto promotion in the country.
The Responsible Influence Certificate License
The Responsible Influence Certificate, launched in 2021 by the Autorite de Regulation Professionnelle de la Publicite (ARPP), is a non-obligatory certification designed to professionalize and regulate the activities of influencers in various industries. Now, the ARPP, in collaboration with the Autorite des Marches Financiers (AMF), has developed a specialized training module for financial influencers to obtain the Responsible Influence Certificate in Financial Advertising.
To obtain the certificate, influencers need to pass a test consisting of 25 multiple-choice questions related to the advertising of investment products. A minimum score of 75% is required to pass the test. While the certificate itself does not hold the status of a legal requirement, the ARPP has the authority to withdraw the certificate from non-compliant influencers.
Impact on Crypto Promotion
The introduction of the Responsible Influence Certificate specifically for financial influencers has significant implications for the promotion of cryptocurrencies in France. With crypto assets explicitly mentioned in the training module, the certificate aims to ensure that influencers advertising crypto products adhere to the rules and regulations governing the financial sector.
The certification process emphasizes the importance of responsible advertising practices, including clear and accurate communication, non-misleading information, and balanced promotion. By setting these standards, the regulatory authorities seek to protect retail investors from potentially risky or complex financial products.
Licensing and Adoption of Crypto in France
France is implementing licensing requirements for crypto promoters to create a more secure and transparent environment for cryptocurrencies promotion. This move aims to build trust and credibility among retail investors, who are more likely to engage with the market when they see regulated and responsible promotion. Additionally, licensing requirements can help weed out unqualified or fraudulent influencers, reducing the risk of misleading or deceptive advertising practices. By ensuring crypto promotion is carried out by knowledgeable and compliant individuals, regulatory authorities can protect investors from any misinformation.
International Context and Future Implications
France is not alone in its efforts to regulate and license influencers in the financial sector. Countries like the United Kingdom and Australia have also taken steps to control the rising influence of finfluencers. However, France’s move towards outright licensing for crypto promoters sets a significant precedent in the industry.
Conclusion
France has introduced the Responsible Influence Certificate for financial influencers, including those promoting cryptocurrencies, as a significant step towards licensing requirements for crypto promoters. This certification process aims to professionalize crypto promotion and protect investors from misleading advertising practices.
