In a proactive move, France has unveiled a specialized training program geared towards crypto and finance influencers. The objective behind this initiative is to promote a better understanding of and compliance with advertising disclosure requirements in the cryptocurrency and financial sector.
The program, known as the “Responsible Influence Certificate in Finance,” is a collaborative effort between the Autorité des Marchés Financiers (AMF) and the Autorité de Régulation Professionnelle de la Publicité (ARPP). It was conceived in response to the growing need for more transparent and balanced communication in investment-related advertisements. Over the years, controversies have arisen involving crypto influencers and celebrities, some of which have resulted in legal disputes.
The ARPP’s prior investigation revealed that a significant 25% of online content failed to adequately indicate the presence of sponsored advertising. Given the increasing influence of crypto and finance personalities on the public, AMF Chair Marie-Anne Barbat-Layani stressed the importance of clarity in investment communications. She highlighted that safeguarding retail investors is the top priority, emphasizing that when influencers are paid for endorsements, it is imperative that the public is well-informed.
The comprehensive training module covers a wide range of topics, from detailed information about investment products like bonds and ETFs to understanding crypto-assets and the roles of digital asset service providers (DASPs). This latter aspect gains significance in light of recent instances where influencers endorsed cryptocurrency projects that later failed, such as the high-profile $1 billion FTX influencer lawsuit.
Stéphane Martin, General Manager of the ARPP, emphasized the broader societal benefits of this initiative, underlining that the certificate serves everyone. The collaborative effort between AMF and ARPP aims to protect the public, especially retail investors, by promoting responsible financial advertising.
To earn the Responsible Influence Certificate in Financial Advertising, influencers must first obtain the original Responsible Influence Certificate. Subsequently, they must pass a 25-question multiple-choice test with a minimum accuracy rate of 75%. While these certificates are not legally mandatory for influencers in France, failure to comply with the country’s advertising regulations could result in legal consequences. Moreover, certain brands are starting to require influencers to possess the original certificate for collaborations, underscoring its growing importance.
The Responsible Influence Certificate in Financial Advertising is designed to bolster the credibility of financial advertising and shield investors from potentially misleading or risky financial products. Barbat-Layani also encouraged industry professionals engaging with influencers to ensure that they have obtained this certificate, emphasizing its role in enhancing professionalism within the sector.
