Recent reports state that registered cryptocurrency exchanges in France will allow social media influencers to promote their cryptocurrency products. This new policy permits influencers to endorse these products and expand their reach to a broader audience.

This was agreed in the latest agreement by the French Senate’s Economics Committee on Wednesday.

The French Senate statement indicated their preference for less restrictive measures regarding promoting cryptocurrency products by social media influencers in the country. This announcement follows a vote by their counterparts in Paris’ National Assembly last month to prohibit such promotions altogether. The Senate’s decision suggests a more open attitude towards cryptocurrencies and a willingness to explore their potential benefits.

Next week, the Senate plenary will discuss the amendment that the committee has passed. If approved, it will enable cryptocurrency companies to utilize social media influencers for advertising purposes, subject to the condition that regulatory authorities register or licence the influencers.

This move will legitimize the cryptocurrency industry while enhancing its public visibility through influencer marketing. The approval of this amendment would empower cryptocurrency firms to leverage the social media reach of these influencers, aiding them in reaching a broader audience and promoting their offerings effectively.

Cryptocurrency users, particularly on Twitter, have reacted positively to the news and expressed happiness following the latest development. The industry’s advocacy group, ADAN, had earlier warned that the Assembly’s stance could potentially jeopardize France’s ambition to become a crypto hub.

However, following the Senate’s recent decision, ADAN has deemed this an encouraging move within the French cryptocurrency community. The industry lobby group believes that this decision will further boost the growth of the cryptocurrency sector in France and attract more investments from domestic and international investors.

The recent announcement signals France’s commitment to becoming a leading hub for the cryptocurrency industry. Additionally, it demonstrates the country’s readiness to promote the adoption of cryptocurrencies within its borders.