- A Responsible Influence Certificate has been established but is voluntary.
- A minimum of 75% accurate answers on 25 multiple-choice questions is required.
France is moving toward outright licensing so-called “finfluencers,” who advocate financial goods on their websites. A Responsible Influence Certificate has been established but is voluntary.
The French financial markets regulator, the Autorité des Marchés Financiers, and the professional advertising authority, the Autorité de Régulation Professionnelle de la Publicité (ARPP), have collaborated to create a training module for industry influencers, as reported on September 7.
Cryptocurrencies Included
The ARPP first presented the “Responsible Influence Certificate” in 2021. There are over a thousand influential French people that have it. This new credential will include a course tailored to financial influencers, covering everything from wine to stocks, bonds, ETFs, mutual funds, and derivatives. The statement also makes reference to crypto assets.
A minimum of 75% accurate answers on 25 multiple-choice questions is required to get the Responsible Influence Certificate in Financial Advertising. Although the certificate is not a legally binding document, the ARPP might revoke it from noncompliant influencers.
In addition, the ARPP’s “General Certificate,” designed for all influencers, must be obtained before one may pursue the Responsible Influence Certificate. In May 2023, the French Senate passed a law that legalized the use of social media influencers by cryptocurrency enterprises.
However, authorities in the United Kingdom have issued a warning to influencers that such advertisements may constitute a crime. Along with a maximum sentence of two years in prison and a heavy fine. Furthermore, the European Consumer Organization has pushed for a blanket ban on crypto influencer marketing.
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