France Introduces Optional ‘Responsible Influence Certificate’ for Crypto and Financial Influencers

France Introduces Optional ‘Responsible Influence Certificate’ for Crypto and Financial Influencers

Crypto News – In response to the growing scrutiny on financial influencers, commonly referred to as “finfluencers,” who use their platforms to endorse investment products, France is moving towards a formal licensing framework. The country has introduced an optional “Responsible Influence Certificate.”

On September 7, two prominent French regulatory bodies, the Autorité des Marchés Financiers and the Autorité de Régulation Professionnelle de la Publicité (ARPP), jointly established a comprehensive training program designed for influencers operating in the financial sector.

The concept of the “Responsible Influence Certificate” initially emerged in 2021, initiated by the ARPP. To date, over a thousand French influencers have earned this certification. However, the certificate has now been expanded to include a specialized course tailored to financial influencers who endorse various financial instruments such as equities, bonds, exchange-traded funds, mutual funds, derivatives, and even unconventional assets like wine. Notably, the certification also encompasses the promotion of cryptocurrency assets.

To attain the Responsible Influence Certificate in Financial Advertising, individuals must achieve a minimum score of 75% correct answers on a set of 25 multiple-choice questions. While this certificate does not carry the weight of a legally binding document, the ARPP retains the authority to revoke it from influencers who fail to adhere to its guidelines. Additionally, acquiring the Responsible Influence Certificate necessitates obtaining the “General Certificate,” a foundational requirement established by the ARPP for all influencers.

In a significant development in May 2023, the French Senate approved an amendment permitting registered cryptocurrency companies to engage social media influencers for advertising and promotional activities. In contrast, the United Kingdom has issued stern warnings to influencers, cautioning them that their promotional activities could result in criminal charges, carrying penalties of up to two years in prison, unlimited fines, or both. Furthermore, the European Consumer Organisation has actively advocated for a complete prohibition on cryptocurrency advertising by influencers.