It’s a known trend in the crypto ecosystem: influencers often make it rain or shine, and their project promotions remain very loosely framed. But that’s changing in France. The Financial Markets Authority (AMF) and the Professional Advertising Regulatory Authority (ARPP) are looking into the subject.
Crypto influencers monitored by the AMF and ARPP
Announced at the end of last week by the AMF, the new might just shake a few crypto influencers. The Supervisory Authority joins its efforts with those of the ARPP, which monitors the advertising sector in France.
The partnership distinguishes as a priority project “the creation of an ARPP recommendation on communications relating to digital assets and token offerings“. This is not the first time that the AMF confirms its willingness to monitor the digital asset sector, but the specific mention of influencers is however a first to our knowledge. The AMF specifies:
“This roadmap also includes a section dedicated to social media “influencers”in the field of investment. […] The ARPP will share its knowledge of practices and trends, drawn among other things from its Responsible Influence Observatory.»
👉 To go further – 7 things to check before investing your money in a cryptocurrency
Discover Alyra
The blockchain school
The need to inform about the risks
Influencers who promise substantial returns to their subscribers are legion in the ecosystem. However, as we have seen recently, no one is immune to a sudden fall in prices, with sometimes drastic consequences for investors. The objective of the AMF and the ARPP is therefore primarily to ensure that investors are informed about these risks. This will involve the establishment of a certificate, which already exists for other sectors:
“The two authorities plan to create a module specific to the financial sector responsible influence certificate launched in 2021 by the ARPP, with the objective of presenting in an educational way the best practices and the rules applying in this field.»
Several objectives are targeted for the publications of crypto influencers: clear and non-misleading communication that mentions the risks, an indication of the paid nature of the publication if this is the case, as well as a mention of conflicts of interest.
This initiative could make it possible to somewhat clean up the publications of crypto influencers. And there is plenty to do: according to the ARPP, more than one in four influencer content lacks transparency regarding their commercial collaborations.
👉 Read also – UST: Binance.US faces legal action over advertising
Discover our Private Group
Content with high added value and quick to consume
Source: AMF
Newsletter 🍞
Get a crypto news recap every Sunday 👌 And that’s it.
What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky in nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
Deputy editor on Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
Marine Debelloir
2057 items