French authorities have decided to relax the restrictions imposed on influencer marketing for locally registered cryptocurrency companies.
The initial draft of the bill only allowed licensed companies to engage in influencer marketing.
However, the revised version now requires cryptocurrency firms to be registered with the French Financial Markets Authority (AMF) and comply with marketing rules through influencers.
The final text of the law is expected to be published soon. Penalties for non-compliance include up to two years of imprisonment, a fine of €300,000 ($322,000), and the possibility of banning influencer activities.
The restrictions also extend to the promotion of other products such as tobacco, sports betting, and gambling to individuals under 18 years old.