Share this article
French Lawmakers Strike Softer Deal on Crypto Influencer Law
A final compromise appears to allow registered crypto firms to advertise through social media influencers, potentially easing industry fears.
Updated May 26, 2023, 9:58 a.m. Published May 25, 2023, 2:28 p.m.
Make us preferred on Google
French lawmakers on a key legislative committee have unanimously agreed to new rules restricting crypto promotions by social media influencers, according to a Thursday statement from the country’s Senate.
According to a statement by Arthur Delaporte and Stéphane Vojetta, who led negotiations in the National Assembly, the deal allows promotions for products of any crypto firm that has registered with the Financial Markets Authority – a softer line than they had previously taken.
STORY CONTINUES BELOW
The new law, which may be the first in Europe to regulate social media personalities who do paid marketing – and includes areas such as cosmetics and gambling – was the subject of disputes between the two chambers of the French legislature.
An Assembly draft of the influencers bill would have effectively banned crypto publicity through influencers by restricting it to digital asset companies with a license. That plan raised concerns from the industry, which warned the rules could jeopardize the country’s ambitions to be a crypto hub.
Senators favored gentler restrictions, saying social media influencers should be allowed to promote any company that gained registration – a much broader category that currently includes dozens of companies such as Binance and Bitstamp.
The Joint Mixed Committee, which includes representatives from both chambers, subsequently published a draft of the agreed legislative text.
On Wednesday, the European Commission proposed new rules, which would make regulated investment firms responsible for content that they pay or encourage a social media “finfluencer” to promote. If passed into law, those proposals would apply across the European Union, including France.
Read more: Allow Influencers to Promote Registered Crypto Firms, French Senators Say
UPDATE (May 26, 09:58 UTC): adds link to legislative text.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
Mais para você
DeFi, ethics disputes remain in Senate crypto bill ahead of Jan. 15 vote
The Senate is approaching a potential markup that may advance crypto legislation to a vote, and industry insiders are amassing for a lobbying push this week.
O que saber:
- The U.S. Senate is potentially as close as it's ever been to a crypto market structure law, as the Senate Banking Committee's chairman said the panel will be ready to mark up the latest draft next week.
- It's still unclear how much Democrats might push back against this timeline, considering most of the big-ticket disputes remain to be resolved between the parties.
- A negotiation document that emerged after a meeting among senators on Tuesday demonstrates that many of the Democrats' requests have potentially been satisfied, but key concerns over the ethics of senior government officials, the treatment of DeFi and the question of stablecoins offering yield still await answers.
- Crypto insiders will visit Senate offices this week to cheer on the negotiations.
Top Stories
