French Influencers Now Required to Take Test Before Endorsing Crypto and Financial Products

In a recent development, French social media influencers, including those who wield significant influence in the realm of cryptocurrencies, are now required to attain certifications through the Responsible Influence in Financial Advertising program before they can endorse any financial products. This announcement, which carries significant implications for the world of crypto investing, was made public through a press release on September 7.

The Responsible Influence Certificate in Finance, a collaborative effort by the Autorité des Marchés Financiers (AMF) and the Autorité de Régulation Professionnelle de la Publicité (ARPP), emerges as a critical assessment tool for influencers. It ensures their strict adherence to newly enacted legislation that governs their activities across various social media platforms, particularly in the context of cryptocurrencies.

This groundbreaking legislation, which came into force on June 1, imposes a mandate on influencers to uphold transparency. They must now transparently disclose sponsored content on their profiles and refrain from endorsing harmful or unsuitable financial products and services, especially in the context of crypto investments, to their dedicated followers.

Earning the coveted certificate is no easy feat for influencers looking to strengthen their foothold in the world of crypto investing. They must demonstrate their mastery by achieving a minimum score of 75% on a comprehensive set of 25 multiple-choice questions. These questions assess their in-depth understanding of the intricate regulations governing financial products, with a particular emphasis on cryptocurrencies and the dynamics of investing in digital assets. Worth noting is that the certificate holds validity for one year, necessitating influencers to successfully navigate the test once again for renewal.

The curriculum is a rich tapestry of subjects, encompassing diverse areas such as investment products, financial services, crypto assets, digital asset service providers, and other pertinent domains directly relevant to the world of crypto investing.

Marie-Anne Barbat-Layani, Chair of the AMF, underscores the significance of this initiative in the context of crypto investing, stating, "This certification in responsible financial advertising will not only usher in a new era of professionalism but also act as a bulwark, shielding crypto investors from the allure of overly complex or high-risk financial products."

France's proactive stance sets a conspicuous precedent in the world of crypto investing, one that may resonate with other nations grappling with the regulation of advertisements within the swiftly evolving cryptocurrency sector. In essence, this move holds the promise of curtailing the promotion of fraudulent cryptocurrency ventures by compensated influencers, ultimately safeguarding the interests of crypto investors.

Meanwhile, across the English Channel, the United Kingdom has already embarked on a similar trajectory with regard to crypto investing. British regulators have adopted a stringent stance on cryptocurrency-related advertising, providing clear guidelines for companies seeking to market crypto assets to investors. Furthermore, the regulator cautioned that non-compliance with these regulations could result in imprisonment for up to two years, emphasizing the seriousness of adhering to legal standards in crypto investing.

Adding to these measures, the U.K. Treasury is actively deliberating the prohibition of cold calls within the financial services sector. This strategic move aims to bolster the fight against fraudulent activities and ensure the security of crypto investors and those interested in crypto investing.