Definitely, making decisions in the absence of any logic seems to be the main driver of French regulators. With some tendency to begin by prohibiting before even trying to understand or accompany. As in the case of the authorization necessary to be registered as a service provider on digital assets (PSAN), so difficult to obtain that no player in the cryptocurrency sector has one yet.
A national combat sport whose latest target is crypto influencer status. At the same time, this is very clearly an area where we need to clean up, if only as an investor in this digital economy. However, not all members of this crypto-commercial community should be placed in the same box. And restrict their activity to entities with PSAN status makes no sense…
Crypto Influencers – Muzzled by the PSAN
French legislation against the cryptocurrency sector can be summed up as a closed loop that bites its tail. Because on the one hand, an ultra-complex PSAN status has been put in place in order to control the national players in this digital economy, so thatnone of them have this approval yet soon to be mandatory. And on the other hand, crypto influencers are going to have to settle for just these – still non-existent – companies in order to be able to operate legally.
A situation summarized by Adan, this French structure whose objective is to promote an “adapted framework (…) of innovation and use cases of the decentralized web in all parts of the economy. »
« This provision only authorizes the promotion of products or services from digital asset service providers (PSAN) approved by the Autorité des marchés financiers (AMF). However, the AMF has not – to date – issued any authorization to the PSANs. Such a provision therefore amounts to prohibiting any communication in France on services on digital assets.«
A major problem in the context ofa possible national digital sovereignty in the field. Because crypto influencers remain the main promoters of new players in the cryptocurrency sector. And “without harmonization at the international level and/or increased control of the content published” it is, according to Adan, the very competitiveness of French companies which could once again be abused.
National Assembly vs crypto influencers
In fact, this piece of legislation will muzzle influencers national cryptos, while allowing those who do not reside on French territory to continue their activity with impunity. And it is very often the latter who produce dubious or problematic content. Reason why the Adan proposed a concrete alternative to this legal framework, in the form of an outstretched hand to the government. But obviously, this text remained a dead letter.
« The promotion of products and services on digital assets must therefore be able to maintain a clear balance between the presentation of the performance and advantages of digital assets and the risks associated with this type of investment. Influencers, the main sources of information for users in this market, are the de facto guarantors of this balance through the content they broadcast.. »
Because instead of going in the direction of outright prohibition, the government could simply issue a legal framework for crypto influencer activity. With, for example, mandatory and visible warnings on the sponsored nature of certain publications. And the possible reminder of the risks associated with investments in the cryptocurrency sector. For ultimately, as the Adan explains, ” this prohibition goes against the objective of this bill : protect users by providing them with complete, fair and precise information. »
You want to invest in the cryptocurrency sector and become a profitable trader ? The MasterClass CryptoTrader training is there to allow you to live this adventure while benefiting from all the necessary basics. Join now and get 20% off using promo code MCCT20. Please note that this offer‘is only valid until March 31, 2023.