In response to growing concerns surrounding the activities of financial influencers or “finfluencers”, particularly those promoting investment products like cryptocurrencies, France has taken a significant step towards regulating this sector. The country has unveiled a non-mandatory certification known as the “Responsible Influence Certificate.”
This initiative, announced on September 7, is a collaborative effort between two French regulatory bodies, the Autorité des Marchés Financiers and the Autorité de Régulation Professionnelle de la Publicité (ARPP). It introduces a specialized training program designed for influencers operating within the financial sector.
The Responsible Influence Certificate has been in existence since 2021 when it was initially introduced by the ARPP. Over 1,000 French influencers have already obtained this certificate. However, it is now being expanded to include a specific course tailored to financial influencers who advertise a wide range of financial products, including stocks, bonds, exchange-traded funds, funds, derivatives, and even unconventional assets like wine. Notably, the certificate also covers crypto assets, highlighting their inclusion in the regulatory framework.
To earn the Responsible Influence Certificate in Financial Advertising, individuals must achieve a minimum score of 75% on a 25-question multiple-choice exam. While this certification is not legally mandatory, the ARPP has the authority to revoke it from influencers who fail to comply with the associated guidelines. Additionally, before obtaining the Responsible Influence Certificate, influencers must first acquire the “General Certificate,” a prerequisite established by the ARPP for all influencers, regardless of their specific field.
This move comes after the French Senate passed an amendment in May 2023, permitting registered cryptocurrency companies to engage social media influencers for advertising and promotional purposes. In contrast, the United Kingdom has warned influencers that their crypto promotions could lead to legal consequences, including imprisonment and significant fines. On a broader European level, the European Consumer Organisation has actively campaigned for a complete ban on influencer advertising related to cryptocurrencies, reflecting the wider regulatory scrutiny of this rapidly evolving sector.
