French social-media influencers wouldn’t be allowed to hawk unlicensed crypto products under a plan voted on by lawmakers on a key legislative committee Wednesday.
The National Assembly’s Economics Committee voted in favor of a law designed to stop unsafe products or outright scams from being promoted by well-known personalities on sites such as Instagram and YouTube.
The committee agreed to an amendment to forbid online influencers from directly or indirectly promoting crypto-asset services from unlicensed providers. Proposed by Stéphane Vojetta of President Emmanuel Macron’s ruling Renaissance party and opposition socialist Arthur Delaporte, the proposed law would put digital assets in the same category as risky financial products, gambling and pharmaceuticals.
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