- But this only applies to service providers that have registered with the AMF
- No cryptocurrency companies have yet received a license due to strict requirements
- In the initial iteration, the bill included harsh penalties for promoting cryptoassets and services related to them
The French Senate Committee on Economic Affairs approved amendments to the bill on the promotion of cryptocurrencies yesterday, May 3.
In particular, the authorities are considering the possibility of allowing registered companies to promote services through media personalities.
The bill originally envisioned a complete ban on advertising of cryptocurrencies.
At the same bill provided for fairly harsh penalties for its violation – a fine of up to $32,000 and even imprisonment for up to two years.
The initiative covers not only cryptocurrency, but also gambling and some pharmaceuticals. After negative reaction in the cryptolobby, the bill was revised.
“The current language is more restrictive than existing provisions in the Consumer Code because it eliminates the ability for licensed service providers to use commercial influence to promote.
The amendment aims to change that,” Cointelegraph quoted a Committee spokesperson as saying.
We emphasize that the amendment only applies to licensed VASPs. And passing the registration procedure under the new rules is not easy. So far, none of the counterparties have been licensed.
The change has not yet been officially ratified.. Amendments approved in the Committee, now they will be considered at the level above. But the chances that the bill will be changed are quite high.