France Now Has Crypto Influencer Training to Encourage Paid Ad Disclosures

France has launched a training module for crypto and finance influencers.

The Autorité des Marchés Financiers (AMF) and the Autorité de Régulation Professionnelle de la Publicité (ARPP) created the Responsible Influence Certificate in Finance program.

This comes two years after the ARPP released the Responsible Influence Certificate, after they found that 25% of “online materials” did not properly disclose the presence of paid advertising.

The new module focuses on influencers specific to the crypto and financial industry.

“The protection of retail investors is our top priority. If a publication by an influencer is paid, it is important that the public is clearly informed.” AMF Chair Marie-Anne Barbat-Layani said. “Finance is a highly regulated sector, and investment communications must follow the rules and be clear, accurate, non-misleading, and balanced,” he added. “It seems some influencers don’t know this.”

Specific guidance is provided around investment products (such as bonds and ETFs) as well as offering services such as portfolio management and investment advice.

Interestingly, the module also contains details on how to “check permissions, crypto-assets, and digital asset providers (DASPs)”. This comes after many crypto influencers promoted projects that collapsed—like the $1 billion FTX influencer case.

“The certificate is useful for everyone.” Stéphane Martin, General Manager of ARPP, said. “By combining their respective areas of expertise, working with the AMF to create a specific module for financial advertising, which will enable influencers to understand the applicable provisions of positive law and the recommendations of the ARPP Code, are part of a common and shared goal of protecting public-retail investors.”

Influencers must get at least 75% of a 25 multiple-choice question exam correct, to receive the Responsible Influence Certificate in Financial Advertising. This new module can only be obtained if an influencer passes the original Responsible Influence Certificate.

ARPP will monitor certified content creators and revoke the certificate if they find evidence of non-compliance with the rules, laws, and ethical guidelines educated in the influencer module.

It is important to note that it is not a legal requirement for influencers to have these certificates in France. As such, they provide important information about the laws of the country, failure to comply may lead to legal consequences.

As such, the result of the original Responsible Influence Certificate is that some brands have made the certificate a mandatory requirement for collaboration.

“This responsible certificate of influence in financial advertising helps to professionalize this field and protect investors from financial products that are too complicated or too risky.” Barbat-Layani added. “We encourage professionals who turn to influencers to make sure they get the certificate.”