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03/31/2023 22:31 • Metaverse & Beyond • 67 views

According to reports, Adan, a lobbying group in the French encryption industry, said that plans to ban social media influencers from promoting unauthorized encryption products would undermine France’s appeal to global Web3 participants. Members of Parliament supported a measure proposed by the Parliamentary Economic Committee last week aimed at preventing harmful promotional activities involving high-risk financial products, drugs, and cosmetics. Adan said that before the industry prepared to implement a stricter registration system, the approval had caused an additional blow to the industry and pushed innovation to other countries. The organization hoped that the Senate debate could re establish a version that was more suitable for all innovative developments in Web3, while ensuring consumer protection.

French encryption industry lobby group: encryption promotion ban will undermine France’s attractiveness for Web3

I. Introduction

II. The Ban on Social Media Influencers Promoting Unauthorized Encryption Products

III. The Effects of the Ban on the French Encryption Industry

IV. Adan’s Response and Hopes for the Senate Debate

V. Conclusion

VI. FAQs

According to Reports, Plans to Ban Social Media Influencers from Promoting Unauthorized Encryption Products Would Undermine France’s Appeal to Global Web3 Participants

I. Introduction

Web3 is the new era of the internet where decentralization, blockchain technology, and encryption play a significant role. Cryptocurrencies, NFTs, and various other blockchain-based digital assets are quickly taking the world by storm. However, despite its potential, the sector remains recognized as high risk and prone to the promotion of fraudulent products, leading to a wide range of regulatory interventions.

II. The Ban on Social Media Influencers Promoting Unauthorized Encryption Products

Recently, the Parliamentary Economic Committee of France proposed a measure to prevent harmful promotional activities involving high-risk financial products, drugs, and cosmetics. The proposal included a ban on social media influencers promoting unauthorized encryption products, which received support from members of Parliament.

III. The Effects of the Ban on the French Encryption Industry

The French encryption industry argues that banning the promotion of encryption products would be detrimental to France’s appeal to global Web3 participants. Adan, a lobbying group in the French encryption industry, suggests that while consumer protection is crucial, the ban could affect the industry’s growth and ultimately push innovation elsewhere.

IV. Adan’s Response and Hopes for the Senate Debate

Adan said that the approval of the proposal has caused additional harm to the industry, and they hoped for a more suitable version in the Senate debate. They also stressed the importance of a stricter registration system, which would help weed out fraudulent products and protect consumers.

V. Conclusion

While the ban on social media influencers promoting unauthorized encryption products aims to protect consumers from fraudulent activities, it could also have repercussions for the French encryption industry. Adan hopes for a suitable version that safeguards both consumer protection and the growth of Web3 in France.

VI. FAQs

#Q1. What is Web3?

Web3 is the new era of the internet where decentralization, blockchain technology, and encryption play a significant role.

#Q2. Why did the Parliamentary Economic Committee of France propose a ban on social media influencers promoting unauthorized encryption products?

The committee proposed the ban to prevent harmful promotional activities involving high-risk financial products, drugs, and cosmetics and to protect consumers.

#Q3. How has the French encryption industry responded to the ban proposal?

The French encryption industry, represented by Adan, argued that the ban could affect the industry’s growth and ultimately push innovation elsewhere. They hope for a suitable version that safeguards consumer protection and the growth of Web3 in France.

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