France tightens crypto regulation, certification for KOLs.

Kamal531

Recently, the French government has initiated a "Financial Advertising Responsible Influence Program" aimed primarily at educating cryptocurrency Key Opinion Leaders (KOL) on the importance of advertising compliance. This means that in the future, any KOL advertising financial products must obtain certification from the "Financial Advertising Responsible Influence Program," which requires a minimum score of 75 out of 25 multiple-choice questions.

KOL (Key Opinion Leader) refers to influencers in the world of social media. With the rise of social media, KOLs have become highly sought-after figures. However, when promoting financial products, they often overlook the associated legal risks, particularly in the cryptocurrency field. To address this issue, the French government is taking action to ensure that KOLs comply with advertising disclosure regulations, reducing potential civil and criminal risks in the financial sector.

The "Financial Advertising Responsible Influence Program" is planned and managed by the French Financial Markets Authority (AMF) and the Professional Advertising Regulatory Authority (ARPP). The program's primary purpose is to test KOLs' knowledge of the law and standardize their behavior. Since its implementation on June 1, 2023, the program requires KOLs to disclose any sponsored content on their social media pages and prohibits them from promoting harmful or inappropriate products and services to their audiences.

So, how can one obtain certification from the "Financial Advertising Responsible Influence Program"? KOLs must pass an exam that covers various topics, including investment products, financial services, cryptocurrencies, and digital asset service providers. The exam consists of 25 multiple-choice questions, requiring a minimum score of 75 to obtain the certificate. Interestingly, this certificate is not permanent; it is valid for only one year. This means that once certified, KOLs must retake the exam after one year to renew their certificate in order to continue working in the field of promoting financial products.

Marie-Anne Barbat-Layani, Chairman of the French Financial Markets Authority (AMF), stated in a press release that financial advertising must adhere to rules to protect investors from the influence of overly complex or high-risk financial products. She believes that the "Responsible Influence Certificate" in the field of financial advertising will contribute to raising the level of professionalism in this sector and protect investors from the influence of misleading or overly risky financial products.

This program demonstrates the French government's further efforts in the field of financial advertising regulation to ensure that the promotion and advertising of financial products comply with legal regulations, thus better protecting the rights of investors. This measure helps investors access financial and cryptocurrency information more safely and accurately.

Samiksha

Getting stricter.

977Iti

Cryptocurrencies are going to be regulated like regular currencies.

Shri333

Regulatory intervention is causing the market to become increasingly subdued.