On Wednesday, the French Senate’s Economics Committee agreed to a new policy allowing social media influencers to promote cryptocurrency products on registered cryptocurrency exchanges in France. This marks a departure from the National Assembly’s decision last month, which voted to ban such promotions altogether.
The Senate statement expressed a preference for less restrictive measures when it comes to promoting cryptocurrency products through social media influencers in the country. This decision indicates a more open-minded approach toward cryptocurrencies and a willingness to explore their potential benefits.
With this new policy, influencers can endorse these products and expand their reach to a broader audience, thus helping to increase awareness and adoption of cryptocurrencies in France.
The Senate plenary is set to discuss the amendment passed by the committee next week, which, if approved, will allow cryptocurrency companies to use social media influencers for advertising purposes. However, regulatory authorities must register or licence the influencers as a condition for this to happen.
This move will legitimize the cryptocurrency industry while increasing its public visibility through influencer marketing. The approval of this amendment would enable cryptocurrency firms to leverage the social media reach of influencers, reaching a broader audience and promoting their offerings more effectively.
Cryptocurrency users, particularly on Twitter, have reacted positively to the news and expressed their happiness with the latest development. The industry’s advocacy group, ADAN, had previously warned that the Assembly’s stance could potentially jeopardize France’s ambition to become a crypto hub.
However, following the recent decision by the Senate, ADAN has deemed this an encouraging move within the French cryptocurrency community. The industry lobby group believes that this decision will further boost the growth of the cryptocurrency sector in France, attracting more investments from domestic and international investors.
The recent announcement by the French Senate underscores the country’s commitment to becoming a prominent hub for the cryptocurrency industry. It also demonstrates France’s readiness to promote the adoption of cryptocurrencies within its borders, highlighting the government’s support for emerging technology.
This move is expected to attract more cryptocurrency firms to establish themselves in France, creating more job opportunities and boosting economic growth.