Crypto influencers – A status currently being debated in the Assembly

Of course, not all the “influencers” of the cryptocurrency sector are to be placed in the same basket. Because some already practice this activity with the necessary seriousness and ethics, without needing a legal framework to do so. But as always, it is always the bad actors who end up making a control procedure necessary. With the risk of slowing down even more the development of the healthy part of this digital economy.

An official investor protection exercise often carried out by individuals who are uninformed about the specifics of this sector. Because even if some control of influencer activity can be a good thing in practice, putting it into practice poses many problems. As in the case of the bill currently being debated in the National Assembly in order to “fight against the scams and excesses of influencers on social networks. »


AMF – The communication of crypto influencers must be “clearer and more responsible”

Hugh B. – 26 Jul 2022 – 11:00

The cryptocurrency sector is not immune to regulation […]


Crypto influencers – In the sights of regulators

The bill currently being debated in the National Assembly at the beginning of the week is not just about crypto influencers. Because this catch-all text also addresses (non-exhaustive list) the promotion of drugs against cancer or the unbearable scams with personal training accounts (CPF). But it is this precise point that poses a problem for all investors and enthusiasts of this ecosystem. Because putting it into practice could quickly turn out to be more problematic than beneficial.

Indeed, this piece of legislation wishes make registration mandatory for crypto influencers with the Autorité des Marchés Financiers (AMF). At the same time, a “prohibition on the promotion of digital assets involving a risk of loss for consideration or in exchange for a benefit in kind” (Art. 1, Al. 7). And as a consequence for offenders, a fine of up to 375,000 euros and 5 years’ imprisonment.

« Too unbalanced arguments, promises of easy money put consumers in a position to lose considerable sums. Outside of social networks, these same promotions would be prohibited. Why should the use of influencers (for commercial purposes) be allowed to become a means of circumventing the law?«

Stephane Vojetta

A legal framework supported by MPs Arthur Delaporte and Stéphane Vojetta which would nevertheless allow influencers – under the AMF banner – to promote companies registered as digital asset service providers (PSAN). That is to say in the current state of things: almost no one…

NFT tokens

Logan Paul – Influencer sued over his NFT CryptoZoo collection

Hugh B. – 03 Feb 2023 – 13:30

The NFT market often gets bad press. And ultimately it reflects […]


Crypto Influencers – Who? What ? And above all, how?

Because MP Stéphane Vojetta explains that the purpose of this bill is not to oppose “the innovation and (the) development of a French blockchain and NFT industry. Indeed, according to him, it is a question of protect from themselves “people who did not have the profile to buy” this type of asset. But what are the criteria for determining legal accessibility to this digital economy? The initial heritage owned? The school level validated? The debate is launched… and censorship begins!

« Our objective is indeed to protect the audience of social networks from promotions carried out outside any legal framework. We do not wish to limit the freedom of “disinterested” expression on these technologies and/or assets, on the other hand it is unacceptable that unprepared people are recommended to invest in investments whose risk profile they do not understand nor the adequacy with their asset status.«

Stephane Vojetta

And even before being official, this bill already exposes its many limitations. The latter listed by Owen Simonin (alias Hasheur) in an open letter published on LinkedIn to the attention of the deputies concerned. With the main flaw, the resolutely international nature of influencers and social networks opposed to the strictly national aspect of this bill.


Kim Kardashian – A $1.26M fine for promoting EthereumMax

Hugh B. – 04 Oct 2022 – 09:00

The cryptocurrency market is unfortunately the scene of campaigns of […]


Because the problem is, according to Owen Simonin, that “the vast majority of these communicators are neither French nor French tax residents and have no ties or activity in France. “A situation that could once again cause an imbalance against national players in the cryptocurrency sector. Especially if we consider the lack of precision of this text of the law about the activity of influencer:

« Any natural or legal person who, for consideration or in exchange for a benefit in kind, produces and distributes by means of electronic communication content which aims, when expressing his personality, to promote , services, or any cause. »

Law Project

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