The French Senate’s Committee on Economic Affairs approved a new amendment to legislation that would permit registered cryptocurrency companies to hire social media influencers for advertising and promotional purposes.
The amendment modifies the original bill, which had limited influencer advertising for the crypto industry, to only those licensed by France’s Financial Markets Authority, a bar that no cryptocurrency company currently meets.
As all cryptocurrency companies in France are required to register with the AMF, the change in language in the amendment would allow companies registered with the AMF to pay influencers for promotion on social media without requiring a license.
The proposed amendment must pass through the full Senate and the National Assembly for approval.
Crypto Twitter has reacted positively to the news.