- But this applies only to those service providers who have been registered with the AMF.
- So far, none of the cryptocurrency companies have received a license due to stringent requirements.
- In the original iteration, the bill provided for severe penalties for the promotion of crypto assets and services related to them.
Yesterday, May 3, the French Senate Committee on Economic Affairs approved amendments to the bill on the promotion of cryptocurrencies. In particular, the authorities are considering allowing registered companies to promote services through media personalities.
Initially, the bill provided for a complete ban on advertising of cryptocurrencies. At the same time, the bill provided for rather harsh penalties for violating it – a fine of up to $ 32,000 and even imprisonment for up to two years.
The initiative covers not only cryptocurrencies, but also gambling and some pharmaceuticals. After a backlash in the crypto lobby, the bill was revised.
“The current wording is more restrictive than the existing provisions in the Consumer Code, as it excludes the ability for licensed service providers to use commercial influence to promote. The amendment aims to change that.” – quotes the statement of the representative of the Committee portal Cointelegraph.
We emphasize that the amendments apply only to licensed VASPs. And it is very difficult to go through the registration procedure under the new rules. So far, none of the counterparties has received a license.
The change has not yet been formally ratified. The amendments were approved by the Committee, now they will be considered at a higher level. But the chances that the bill will still be changed are quite high.
