Influence et crypto – This is the debate of the moment for our ecosystem which is threatened by a Law proposition aimed at more drastically regulating promotional and communication activities around products and services related to cryptocurrency, blockchain or even decentralized finance.
While our ecosystem is still young and fragile, this new regulations in France weighs on many Web 3 companies. Harmful for crypto and blockchain media, but also for investors, who will be at the mercy of influencers often exiled, professionals in the sector try to understand these legislative choices and guide decisions in the hope of find a solution that will serve the interests of all. In this direction, Gregory Guittardpublishing director and CEO of the Journal du Coin met the deputy Renaissance Eric Bothorel.
Bill 790: the text that makes the French crypto community shudder
First of all, a little return to the bill 790. It is part of a series of new cryptocurrency and influence regulations. Its goal ? Strengthen the fight against money laundering and the financing of terrorismand therefore protect the consumer.
In details, the influencer media and crypto influencers will only be able to work with Web 3 companies registered with the AMF and the Banque de France. More specifically, only companies with theapproval of the sacrosanct PSAN can then claim to work with media or influencers in France. As a reminder, these are zero in number.
Cet negative impact for our ecosystem, widely described by Owen Simonin (Hasheur) in a open letterwould be a brake on the development of many companies and could harm the growth of the ecosystem in France.
Missed opportunity in the face of too strict regulations, it was important for us to meet one of the voices of this law: Eric Bothorel.
Interview with MP Eric Bothorel
Why digital and Web 3?
A Renaissance deputy for two terms, Éric Bothorel confirms to us from the start of the interview his past in the Web 2: minitel, Telecom, IT… The elected official stressing on occasion that the problems linked to centralization and decentralization do not are not unknown to him.
Indeed, between his professional career and the challenges of his Breton constituency, the deputy admits to knowing the digital sector “ in large widths and therefore, in fact, take an interest in the blockchain and its promising future.
“It’s not out of appetite or because I myself will be a holder of cryptocurrencies or bitcoins, it’s more curiosity, that is to say that when we embrace the subject of digital and when we see the capacity of this sector to irrigate a certain number of areas of activity we cannot escape to buzz words of the moment and the promises of tomorrow. »
Eric Bothorel, Renaissance Deputy – Source: The Corner Journal
The difficulty of regulating the crypto sector
Now that the presentations are made, it will be for the MP throughout our interview to explain to us the relevance of this law which, in fact, is criticized by many professionals in our ecosystem. How to translate applications and use cases into legal texts? This is the problem with which the deputy explains that he is confronted:
“The subject of digital technology is complex to grasp in terms of the production of law because if we are in the excess of popularization, we lose the nuances and the technological subtleties which sometimes lead to the impossibility or the possibility of translation into law ( …) If NFTs have been taken out of the text, for example, it is because they have never really been defined in law. »
PSAN approval: between constraints and compliance
Thus, clichés are mentioned that sometimes offend the reputation of our ecosystem, of the famous Crypto Queen, via terrorism… The deputy admits it: the criminals did not need cryptocurrencies to act. However, in the face of risks and threats, the law, in particular by its rigor, must allow a consumer protection.
Moreover, when it comes to evoking the severity of this bill, including in particular the PSAN and the famous approval, the deputy admits:
« I cannot tell you if the fact that we have zero approved companies is linked to excessively long delays… Perhaps the registration procedure which is already, it must be said at this stage of our exchange, long to be respected with many constraints and conformity plays a role in this. Me, it’s a graduation that suits me quite well, and it is in keeping with the European spirit. (…) »
It will not be a question here of rewriting this exchange which we strongly invite you to listen to in order to become aware of the various issues concerning the application of this bill already voted by the National Assembly and awaiting debate in the Senate. However, let us underline that the presence of the deputy Bothorel within this debate remains positive and marks a will to initiate a debate. It’s up to you to form your own opinion.