France has introduced a non-mandatory Responsible Financial Impact Certificate for influencers in the cryptocurrency industry.
This is yet another certificate tailored for “finfluencers,” individuals who promote the financial and cryptocurrency sectors.
The primary objective of this initiative is to ensure adequate knowledge of financial sector regulations. While French authorities do not legally require influencers to possess such a certificate, it is likely to become an industry standard.
Finfluencers with Another Certificate – This Time for the Cryptocurrency Industry
The growing popularity of cryptocurrencies has led to an increasing number of influencers entering the digital asset space and promoting various projects using their reach. France has decided to create a certificate that guarantees knowledge and understanding of French financial regulations.
The non-mandatory Responsible Financial Impact Certificate was expanded to include the cryptocurrency industry on September 7th by two French regulators, the Autorité des Marchés Financiers and the Autorité de Régulation Professionnelle de la Publicité (ARPP).
It’s worth noting that the Responsible Financial Impact Certificate was initially introduced in 2021 by ARPP, and over 1,000 influencers already hold it. Now it has been extended to cover the cryptocurrency industry.
How to Obtain the Certificate for Cryptocurrency Influencers
To acquire this formal confirmation of their knowledge of financial regulations, individuals must undergo an appropriate test. The test consists of 25 multiple-choice questions, with a passing threshold of at least 75% correct answers.
In May 2023, the French Senate passed a law allowing cryptocurrency companies to hire influencers from social media for promotional and advertising purposes.
Interestingly, during the same period in the United Kingdom, the opposite approach was taken.
British influencers were warned that promoting cryptocurrency firms could result in a prison sentence of up to two years.
While the French certificate for “finfluencers” is not a mandatory document, it is undoubtedly set to become an industry standard in the finance and cryptocurrency sectors.
France takes a meticulous approach to cryptocurrency-related regulations to ensure maximum transparency in this market.
The certificate for influencers in the cryptocurrency industry represents another step toward popularizing digital assets.
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