AMF – Communication from crypto influencers must be “clearer and more responsible”

The cryptocurrency industry does not escape regulation only in the context of its financial practices. Because its existence is based on many realities still excluded from the field of legal considerations. This is for the simple reason that there are no boxes to store the digital tools at the origin of its development. A reality that the Autorité des Marchés Financiers (AMF) has just decided to investigate regarding the communication of influencers in the financial services sector. With an approval specifically dedicated to cryptocurrencies.

Influencer! The profession of which the vast majority of boomers do not understand its usefulness or significance. But that all individuals under 30 diligently follow or dream of doing. With the main sign of recognition in the cryptocurrency sector, a horde of followers ready to buy everything on a simple “advice”, often paid. And, some time later, the same group turned into haters as soon as the reality of the market got the better of this blind enthusiasm. All without any responsibility towards anyone.

A new type of communication that today replaces specialists or other journalists in many fields. But whose repeated drifts end up showing the limits of a practice too often free from any ethical or moral minimum. With the result, the promotion of NFT scams of all kinds. Or highlighting projects that would have been better off staying in the shadows where they were for good reason. The reason why MFA has just decided to join forces with the Professional Advertising Regulatory Authority (ARPP) to clean up the industry.

MFA – More “responsible” influencers.

The main takeaway of this news is simple: the work carried out by influencers falls within the scope of advertising legislation. Data that should already allow some to put some distance with their favorite digital gurus. Because, just like Coca-Cola or Mc Donald’s, they are not there for our happiness, but to sell their products. With special mention of the MFA in the field of financial services. Because the risks are obviously greater when it comes to investing moneyeven on the advice of a “specialist” whose only real skill is to align (buy?) followers.

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The reason why the new MFA roadmap focuses on social media “influencers” in the investment field ”. This with the help of the Responsible Influence Observatory set up by the ARPP, in order to “present in an educational way the good practices and rules that apply in this area”. That is, a “clear, accurate and not misleading” communication. In particular in terms of the risks assumed, but also of the remunerative nature of the announcement made. An obligation in the media industry, with a mention “sponsored article” essential to any monetized content to be recognized as such.

AMF – “Priority site” for crypto influencers

But this recent MFA statement still makes some changes to the previous questions. Because, in this case, it is obviously a question of focusing on influencers operating in the field of cryptocurrencies. A consideration that falls within the framework of its “priority projects”. These are “communications relating to digital assets and token offers” to which NFT could also be added. Because the latter sector is currently full of scams of all kinds, to the point of affecting more than 90% of its owners.

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Among the priority projects is the creation of an ARPP recommendation to its members on communications related to digital assets and token offerings. As well as the update of its general recommendation on communications relating to financial products and services o of investment, which will include, among other things, the provisions of the MFA doctrine on communication in sustainable finance.

BUT IT IS

This is clearly not the first time that the Autorité des Marchés Financiers (AMF) has taken a close interest in the cryptocurrency sector. But this is more specifically the case when it comes to influencers operating within or alongside this digital economy. And while they are not all to be placed in the category of mere carpet sellers, a requirement of clarity and transparency seems entirely necessary.. This is to allow their followers to identify the wheat from the chaff. But also to impose on these digital stars a necessary moderation in the choice and promotion technique of the crypto projects they will choose in the future. In fact, this practice cannot exempt itself from a necessary responsibility.

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