Yesterday evening, the bill concerning influencers was adopted by the Senate. Notable reductions have been noted compared to the version previously promoted by the National Assembly: companies working in the crypto-asset sector will be able to promote their activities without necessarily holding PSAN approval, only registration will be compulsory. Soon, a joint committee between the two chambers will be formed to give rise to a common text of law.
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The Senate lightens the bill
Yesterday evening, the senators adopted at first reading the bill aimed at regulating the activity of influencers. In particular, elected officials included amendments in favor of companies registered as digital asset service providers (PSAN), thus following the position of the Economic Affairs Committee as pointed out by Adan (association for the development of digital assets):
🚨 The @Senat has just confirmed the version of the #PPLinfluencers proposed a few days ago by the Economic Affairs Committee for #Crypto
[1/2] pic.twitter.com/13DuTKKsHK
— Adan (@adan_asso) May 9, 2023
As a reminder, part of this regulation directly targets the French cryptocurrency ecosystem : at the end of March, the deputies of the National Assembly had positioned themselves for a ban on acts of promotion through influencers to companies that do not hold PSAN approval.
👉 Understand everything about the National Assembly’s “influencer” bill
However, a problem is pointed out: the Financial Markets Authority (AMF) is unable to provide PSAN approval to companies that engage in activities related to crypto-assets. In effect, the latter are not able to obtain professional indemnity insurancewhich is a mandatory requirement for certification.
Thus, after hearing the voices of the various players in the sector, the Senate voted on a more flexible bill : PSAN approval is not considered mandatory, only registration will be necessary for companies carrying out promotional actions through influencers.
Shortly, discussions will be carried out by a joint committee so that the two chambers, the National Assembly and the Senate, can find a compromise on this text of the law.
Yesterday, in the columns of Cryptoast, the actors of the French Web3 ecosystem expressed themselves on their concerns about the text promoted by the National Assemblywhile welcoming the relaxations proposed by the Senate.
👉 Read the forum signed by around twenty French Web3 companies
Source: Senate
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Always enthusiastic about new technologies, I gradually moved closer to Web3-related activities during the year 2021. Over time, I wanted to add my stone to the building. It was then that I became an editor, with the aim of explaining cryptocurrency-related topics to as many people as possible.
Timothy Bourbotte
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