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French Lawmakers Update Bill Allowing Unlicensed Crypto Service Providers to Engage Celebrities for Promotion

French lawmakers unveiled an updated bill that would allow even unlicensed virtual asset service providers (VASPs) to engage celebrities to promote their products.

According to a press release posted on the French Senate’s website, lawmakers reached a unanimous agreement to amend a bill regarding the marketing of cryptocurrency products and services.

Initially, only licensed companies could bring in influencers to promote digital assets.

The problem was that there are no licensed cryptocurrency exchanges in France, which effectively precludes the use of advertising involving celebrities.

After widespread criticism of the bill, French senators introduced new amendments.

They allow celebrities to be attracted by companies that are registered with the French Financial Markets Authority (AMF).

Now the agency has about 60 registered cryptocompanies, and by law they are not required to apply for a license.

The bill has been praised for its pioneering oversight of influencers in several industries at once – it also covers gambling and products containing nicotine.

“The bill would create the foundation for a more responsible digital society.

The Senate is proud that we are willing to not just monitor but support the development of the digital economy and crypto-assets,” said Sophie Primas, head of the Economic Affairs Committee.

Recall that in March, French lawmakers voted to tighten licensing rules for new cryptocurrency companies in the country to ensure compliance with anti-money laundering (AML) rules.