According to a news statement on September 7th, French social media influencers, including those who influence the cryptocurrency industry, must obtain certification from the Financial Advertising Responsibility Influence Plan before advertising financial products. The Financial Responsibility Influence Certificate was created by the Financial Markets Authority (AMF) and the Professional Regulatory Authority (ARPP) to test whether influencers comply with the new laws regulating social media influencers. The law came into effect on June 1st, requiring influencers to disclose sponsored content on their pages and prohibit them from promoting harmful or inappropriate products and services to their audience.
To obtain the certificate, influencers must score at least 75% on 25 multiple-choice questions to test their understanding of financial product rules. The certificate is valid for only one year, and influencers must retake the test to renew it. The course covers various topics, including investment products, financial services, cryptocurrency and digital asset service providers, and other related issues.