AMF issues a certificate of “responsible influence”.

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With a large following, influencers reach a large, mostly young, audience. In this way, influencers represent a new way of marketing: if they are widely represented in fashion, influencers are also present in cryptocurrencies! In this way they allow to inform, even to shape with the field. However, some influencers are also involved in product placement. If the practice is not prohibited, it must be checked. The Autorité des Marchés Financiers (AMF) addressed the issue …

The phenomenon of the crypto influencer

You are watching a YouTube video and you are interrupted advertising ? This happens often! If you are interested in the cryptosphere, the announcement in question is likely to be related to bitcoin or blockchain! In addition to online advertising, companies use another channel: influencers.

What influencer they have a very large audience on social networks like Facebook, TikTok, YouTube, etc. Therefore, they allow you to reach a specific audience. And companies quickly recognized the potential of influencers. For this reason, some aren’t shy about paying influencers to do it in return. product placement (Your products…). A little abstract advertising, huh!

This practice in itself is not illegal. On the other hand, the public should be able to do this. it is easy to recognize that it is a product placement not just personal advice from an influencer. This transparency is all the more necessary when it comes to the sale of financial products. Namely, AMF intends to improve the sector …

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Authorities are concerned about financial influencers

Several agencies have raised concerns about cryptocurrency influencers such as:

  • AMF, Authority for the financial markets;
  • ACPR, Office for Prudential Control and Dispute Resolution;
  • DGCCRF, Directorate General for Competition, Consumers and Fraud Prevention.

Your concerns relate in particularincrease in fraud that (deliberately) reach a young and uninformed audience. Authorities are pointing the finger at some products that influencers advertise as “extraordinary investments”. This Alternative and suspiciously very profitable investments exploded online with a health crisis. In addition, the decline in interest rates on banking products has prompted many people to look for new ways to multiply their money.

Given the situation, some agencies, such as the DGCCRF, have decided to make the fight against “unscrupulous influencer marketing practices” a priority in 2022.

Towards a “responsible influence” certificate?

Parallel to the will of the DGCCRF, AMF and ARPP have initiated important maneuvers. On July 21, 2022, the agencies announced an intensified collaboration. The declared objective is to promote ” clear and responsible advertising in the field of financial products. The cryptocurrency field is at the heart of the agencies.

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In addition to the position taken, we know a little more about the actions of the agencies. The two bodies discussed the creation of a new “Certificate of Responsible Influence” in the financial sector. To achieve this certification, an influencer must follow certain rules and be trained through a training video module.

“Both bodies plan to create a special form of the Certificate of Responsible Influence for the Financial Sector, launched by ARPP in 2021, with the aim of visually presenting the best practices and rules applicable in this sector (clear, accurate and not misleading, in particular on risks, links on the paid nature of the publication or on any conflicts of interest, etc.). »AMF press release

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