Crypto Exchanges Avoid French Grand Prix Advertising due to new laws
France crypto news of the day is regarding the fact that there are new regulations about advertising crypto. However, due to the lack of regulations, purchasing cryptocurrencies in France is a rather simple process. Having said that, everything depends on the cryptocurrency exchange you choose to purchase cryptocurrencies from. The top three exchanges in France with the best performance are listed below.
France is the first significant European country to give a regulatory license to cryptocurrency behemoth Binance. French stock market regulator AMF officially lists Binance as a registered provider of digital asset services. France is becoming the first significant European country to approve Binance as a result of the action.
Despite the fact that collaborations between sports and cryptocurrencies have long dominated the market, French advertising laws may make cryptocurrency advertisements at the biggest sporting events in the nation harder to find.
According to recent reports, it has become more difficult for cryptocurrency businesses to advertise their platforms or their products due to the nation’s regulatory restrictions. These restrictions are about promotions and increasing oversight by the watchdogs. Because they are still unable from doing so, these companies prominence is unstable. It decreased on the weekend of the 2022 French Grand Prix.
Massive cryptocurrency companies are reconsidering their marketing strategies after their sponsorships went awry. For instance, Alfa Romeo collaborated with Floki, the subject of a meme, and the now-bankrupt Vault. At the same time, Red Bull Racing has partnered with the Tezos network and cryptocurrency exchange ByBit. Additionally, agreements with Singapore-based exchange Crypto.com exist between F1 and Aston Martin. Crypto.com said that they would not be using their branding rights for this event. It is still F1’s global partner. Therefore we anticipate that these rights will find other ways to pop up in upcoming competitions.
France and the Crypto Industry
When an asset is made accessible to the general public in France you have to deal with AMF first. Virtual asset service providers must register with the financial markets watchdog Autorité des Marchés Financiers (AMF). Despite this, the regulator forbids four sector-wide promotional activities in accordance with a standard established by ORWL Avocats. In order to protect consumers, it includes direct solicitation to subscribe to the asset class, quasi-solicitation through the collection of personal data, sponsorships with the intention of promoting an ICO or a VASP, and deceptive advertisements.
Not to mention the fact that the stock regulator has previously expressed worries about the asset class a number of times. France passes a new cryptocurrency rule that will put crypto service providers under the AMF’s control and offer an optional licensing option. so that you can launch an ICO with the top ICO software development company legally and safely.
Chain Accelerator has been formed in France for the first time ever as a blockchain accelerator. The goal of the initiative is to assist new blockchain startups with their initial coin offerings. Startups will receive advice from mentors on matters relating to fundraising and the technical aspects of blockchain technologies.
The platform was developed by thirty experts in the crypto business, including people from Hyperloop Transportation Technologies, SWIFT, Ledger, and HSBC. However, it is unclear if France will capitalize on the economic advantages that the cryptocurrency sector has to offer or if it will merely impose harsher regulations.
