French lawmakers have suggested the promotional discontinuation of selective financial products and services using electronic means, including crypto assets, to ensure consumers’ security against illegal activities, as stated by Cointelegraph.
According to Cointelegraph, the proposed amendment is to Bill number 790. It’s believed that the amendment also includes the prevention of advertisements around health products, gambling and video games following same formats. Reportedly, the proposal was evaluated by Economic Affairs Committee, which focuses on commercial influencers who promote financial products and services such as digital assets.
Based on information by Cointelegraph, the approved law will permit only Autorité des Marchés (AMF) Financiers-based operators to advertise crypto assets. The AMF is a regulatory platform responsible for “the rules applicable to financial markets and market infrastructures, approves the corporate finance transactions of listed companies and authorises financial services professionals and the collective investment products under its supervision.”
Moreover, Cointelegraph noted that the proposal contains a two-year prison sentence and a 30,000 euro fine for breaking the law. Experts suggest that the ban intends to safeguard users from risks related to certain financial products and services, along with flexibility in certain exceptions.
(With insights from Cointelegraph)