Are you well-known in the crypto world and want to stay up to date on social media? Then you probably see tons of “crypto influencers” coming by on a regular basis. The activities of these influencers can sometimes be misleading.
They regularly receive nice compensation from projects and therefore don’t mince words when it comes to praising certain coins. They often do not disclose that they are being paid for such an action, even though it is required. Some influencers promote certain coins just because they happen to have invested in them and try to drive up the price.
If the French government has its way, this doesn’t always benefit investors and something needs to be done about it. The solution? A certification program for financial influencers. Anyone who wants to advertise coins and crypto services via social media in France must first obtain a certificate. This is what Patrick Hansen reports:
France has launched a certificate program for financial influencers, including crypto 🇫🇷
Want to promote tokens and crypto services in France?
Pass the Responsible Influence Certificate in Financial Advertising. You must get at least 75% correct answers on…
— Patrick Hansen (@paddi_hansen) September 8, 2023
A crypto influencer diploma
The plan was drawn up by French regulators AMF and ARPP. From now on, French financial influencers must first successfully pass a simple test before they can get started. Of a total of 25 multiple choice questions, 75 percent must be answered correctly.
This test is intended to determine whether influencers can influence people responsibly. The chairman of the AMF says the following:
“Protecting private investors is our top priority. If the publication of an influencer is compensated, the public must be informed about it. This “Certificate of Responsible Influence” for financial advertising will help professionalize this sector and protect investors from financial products that are too complex or too risky.”
France is at the forefront of crypto legislation
A thousand French influencers have already received the certificate. It will be interesting to see how the plan is implemented in France. If successful, there is a chance that the plan will be expanded to the entire European Union. France has long served as a blueprint when it comes to crypto policy.
However, the jurisdiction that would benefit most from such a policy is the United States. American crypto influencers seem to have by far the most influence in crypto-land.