It’s a known trend in the crypto ecosystem: influencers often make it rain or shine, and their project promotions remain very loosely framed. But that’s changing in France. The Financial Markets Authority (AMF) and the Professional Advertising Regulatory Authority (ARPP) are looking into the subject.
Crypto influencers monitored by the AMF and ARPP
Announced at the end of last week by the AMF, the new might just shake a few crypto influencers. The Supervisory Authority joins its efforts with those of the ARPP, which monitors the advertising sector in France.
The partnership distinguishes as a priority project “the creation of an ARPP recommendation on communications relating to digital assets and token offerings“. This is not the first time that the AMF confirms its willingness to monitor the digital asset sector, but the specific mention of influencers is however a first to our knowledge. The AMF specifies:
“This roadmap also includes a section dedicated to social media “influencers”in the field of investment. […] The ARPP will share its knowledge of practices and trends, drawn among other things from its Responsible Influence Observatory.»
👉 To go further – 7 things to check before investing your money in a cryptocurrency
The blockchain school
The need to inform about the risks
Influencers who promise substantial returns to their subscribers are legion in the ecosystem. However, as we have seen recently, no one is immune to a sudden fall in prices, with sometimes drastic consequences for investors. The objective of the AMF and the ARPP is therefore primarily to ensure that investors are informed about these risks. This will involve the establishment of a certificate, which already exists for other sectors:
“The two authorities plan to create a module specific to the financial sector responsible influence certificate launched in 2021 by the ARPP, with the objective of presenting in an educational way the best practices and the rules applying in this field.»
Several objectives are targeted for the publications of crypto influencers: clear and non-misleading communication that mentions the risks, an indication of the paid nature of the publication if this is the case, as well as a mention of conflicts of interest.
This initiative could make it possible to somewhat clean up the publications of crypto influencers. And there is plenty to do: according to the ARPP, more than one in four influencer content lacks transparency regarding their commercial collaborations.
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