Last Updated on September 9, 2023 by Bitfinsider

France has established a crypto and finance influencer training module.

The Responsible Influence Certificate in Finance programme was developed by the Autorité des Marchés Financiers (AMF) and the Autorité de Régulation Professionnelle de la Publicité (ARPP).

This comes two years after ARPP issued the Responsible Influence Certificate following their discovery that 25% of “online materials” did not adequately identify the existence of paid advertising.

The new module focuses on crypto and finance sector influencers.

“Our top priority is to protect retail investors.” If an influencer’s publication is paid for, it is critical that the public is fully aware.” According to AMF Chair Marie-Anne Barbat-Layani. “Finance is a highly regulated sector, and investment communications must comply with the rules and be clear, accurate, non-misleading, and balanced,” she added. “It appears that some influencers are completely unaware of this.”

Specific advice is given on investment products (such as bonds and ETFs), as well as services such as portfolio management and investment counselling.

Surprisingly, the module also includes instructions on how to “check authorisations, crypto-assets, and digital asset providers (DASPs)”. This comes after a number of crypto influencers advocated failed enterprises, such as the $1 billion FTX influencer lawsuit.

“The certificate is useful for everyone.” The ARPP’s General Manager, Stéphane Martin, stated. “By combining their respective areas of expertise, the work with the AMF to create a specific module for financial advertising, enabling influencers to understand the applicable provisions of positive law and the recommendations of the ARPP Code, is part of a common and shared objective of protecting public-retail investors.”