In a ploy to offer verified credentials to those promoting crypto and other finance-related products and services, the nation of France is setting up an initiative called the ‘Responsible Influence Certificate in  Financial Advertising’. 

The certificate - which is being launched by regulatory agencies the ‘Autorité des Marchés Financiers’ (AMF) and the ‘Autorité de Régulation Professionnelle de la Publicité’ (ARPP) - will include a ‘Financial Advertising’ training module dedicated to influencers that hold ties with the financial sector. Along with crypto assets, it’s said to cover topics such as advertising equities, bonds, ETFs, funds, derivatives and other investment products.

The non-obligatory certificate is aimed at so-called ‘finfluencers’- i.e. those on social media who share their thoughts and opinions about financial topics and products - with the ‘Financial Advertising’ module being an augmentation of the existing ‘general Responsible Influence Certificate’ which has had 1,000 sign-ups since its inception in 2021. 

With this in mind, finfluencers will only be able to achieve a ‘Responsible Influence Certificate in Financial Advertising’ after first obtaining the ‘general’ certificate- where to pass it, they must achieve a test score of over 75% when answering 25 multiple-choice questions. 

The move comes just four months after the French Senate approved of an amendment to allow crypto projects to hire social media influencers for marketing purposes - an act that flies in the face of the UK’s and The European Consumer Organisation’s crypto influencer-aversion due to the many rug pulls of today.

Despite plans to outright licence the new crypto-concerned certificates, the French government is yet to mention a specific launch date. 

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This article is intended for educational purposes and is not financial advice.