Proposed Amendment Sparks Controversy

French lawmakers are in a bit of a tangle over a proposed amendment to Bill no. 790, aimed at keeping consumers safe from the wild world of risky financial products. If you were planning to invest in an ever-vanishing crypto currency or a digital cat that costs more than your car, you might want to hold your horses!

What’s on the Chopping Block?

This amendment takes aim not just at crypto assets but also broadens its net to include health products, gambling, and those addictive video games that seem to suck the life out of your weekends. It specifically targets those charismatic commercial influencers who are known for hawking shady investments to unsuspecting followers like it’s candy on Halloween.

Who’s in Charge Here?

The regulatory spotlight will shine on the Autorité des Marchés Financiers (AMF), which is like the cool but strict hall monitor of the financial playground. After the proposed ban, only those operators blessed by AMF will be able to safely advertise crypto assets. So if you’re under the impression that Uncle Bob’s investment strategy is going to make you a millionaire overnight, think again. You’ll need to consult this regulatory body or risk facing some serious consequences.

Consequences for Promotions Gone Wild

For influencers who decide to play rogue and promote these financial products anyway, the stakes are high. Violations could lead to a two-year vacation (read: prison sentence) and a hefty €30,000 fine. This serious deterrent isn’t just a slap on the wrist; it’s a full-on warning that maybe, just maybe, you should think twice before posting that sponsored content.

Timing Coincides with Paris Blockchain Week

As if the timing couldn’t be juicier, this proposed amendment coincides with the Paris Blockchain Week 2023, where crypto enthusiasts from every corner gather like moths to a flame. Interestingly, founder Michael Amar believes the influx of big Web2 companies could spice up Web3 with their resources, paving the way for greater adoption and acceptance.

The Road Ahead

While the road to implementing these regulations might be rocky, the intention is clear: protect consumers from the potential risks lurking in the digital shadows of social media’s financial promotions. As the proposal moves forward, only time will tell if we’ll see these regulations come to life—and if Uncle Bob can stick to his day job of baking cookies instead of selling digital assets!