France has taken a bold step in the fight against scams and fraud by banning influencers from advertising and promoting unlicensed crypto products and projects on social media. The ban is part of Bill no. 790, which was adopted with a majority vote on March 22 and has passed the first reading stage. The move places digital assets under the same regulatory umbrella as gambling, pharmaceuticals, and aesthetic surgery. Violators of the new law could face up to two years in jail and a €30,000 fine, as well as losing their social media accounts and careers.France has taken a bold step in the fight against scams and fraud by banning influencers from advertising and promoting unlicensed crypto products and projects on social media. The ban is part of Bill no. 790, which was adopted with a majority vote on March 22 and has passed the first reading stage. The move places digital assets under the same regulatory umbrella as gambling, pharmaceuticals, and aesthetic surgery. Violators of the new law could face up to two years in jail and a €30,000 fine, as well as losing their social media accounts and careers.
The French National Assembly’s Economic Affairs Committee proposed the bill to combat scams and excesses perpetrated by influencers on platforms such as Instagram and YouTube. The ban is expected to help curb the rise of fraudulent crypto schemes promoted by influencers on social media.
The ban is a de facto prohibition on French influencers from promoting any cryptocurrency-related project or company, as no cryptocurrency company is currently licensed by the French financial regulator under the required article. The move is seen as a significant step towards strengthening consumer protection and preventing financial fraud.
French influencers have been involved in multiple scams in recent years, including promoting dodgy crypto projects, masterminding crypto rug pulls, and benefiting from scams. In January, a French influencer couple living in Dubai were sued by more than 100 people for promoting crypto investments and trading platforms that were scams. The couple primarily operated on Instagram, and their accounts have since been suspended by Meta.