In France, government officials are pushing for a new bill that seeks to limit the influence of influencers on gamblers and cryptocurrency investors. Known as Bill 790, it intends to prohibit the promotion of unregulated or unlicensed activity in the country through social media. Those who fail to comply with the law could receive up to two years in prison and a hefty fine of €30,000 (US$32,730).
This legislative effort follows several scams that have surfaced in France this year, such as the class-action lawsuit against two people pushing cryptocurrency investments and trading. It also takes aim at social media platforms, as violations of the law could lead to repercussions against platforms like YouTube, Instagram and others.
The bill has already been approved by the National Assembly’s Economic Affairs Committee and will soon go before the full Assembly and Senate. The goal is to create and strengthen a legal system that can both empower and sanction, where appropriate, all influencers, their agencies, advertisers and distribution platforms, in order to protect social network users and consumers.
In response to high-profile cases such as Jake Paul, Lindsey Lohan, and Justin Sun, who have all been accused by the United States Securities and Exchange Commission of illegal promotion of investments, France is determined to bring an end to such activities. The country hopes to protect its citizens from being taken advantage of by unscrupulous influencers, and from any potential financial losses associated with them.