French National Assembly Economic Committee Agrees to Ban Celebrities from Promoting Unlicensed Crypto Products on Social Media

The economic committee of the French National Assembly voted in favor of an amendment to a law that would prohibit celebrities from promoting unlicensed crypto products on social media such as Instagram and YouTube, CoinDesk reported. The amendment, proposed by Stéphane Vojetta of Emmanuel Macron’s ruling Renaissance party and opposition socialist Arthur Delaporte, will put digital assets in the same category as risky financial products, gambling and pharmaceuticals. Violators face two years in prison and a fine of 30,000 euros ($32,300).