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French Lawmakers Agree to Ban Crypto Influencer Promotions

French social media influencers wouldn’t be allowed to hawk unlicensed crypto products under plans voted on by lawmakers on a key committee Wednesday.

The National Assembly’s Economics Committee voted in favor of a new law designed to stop unsafe products or outright scams being promoted by well-known personalities on sites such as Instagram and YouTube.

The committee agreed to an amendment to forbid online influencers from directly or indirectly promoting crypto asset services from unlicensed providers. Proposed by Stéphane Vojetta of Emmanuel Macron’s ruling Renaissance party and opposition socialist Arthur Delaporte, the legal change would put digital assets in the same category as risky financial products, gambling and pharmaceuticals.

(By Jack Schickler)

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