Crypto regulation from an influencer marketing perspective
Stephen Curry, Tom Brady, and Kim Kardashian have recently been involved in cryptocurrencies, NFTs, or exchange Through social profiles or other channels.Use of celebrities and artists as part of virtual currency marketing The operation is now an industry practice.
This strategy is adopted by both large companies and start-ups. influencer marketing As a form of promoting the project in a traditional way socializing Channel. However, some of these celebrities have had significant problems with industry authorities, especially in the United States, due to the enforcement of regulations regarding the marketing of financial products and commodities.
Crypto Regulation on Financial Instruments and Marketing
From a regulatory point of view, in Italy online marketing when is it relevant token takes (or can take) the form of financial products or financial products offered on the Platform; In this case, observance of a series of obligations and limitations is necessary with respect to the provision by telecommunication means. the internet.
Oversight of this activity is entrusted to CONSOB. CONSOB is also tasked with prosecuting activities of illegal offering of products or financial instruments through telecommunications means.
At the same time, the regulation stipulates that mere advertising does not constitute an offer by telecommunication means and is therefore not subject to the above restrictions.
Promotion of crypto assets and MiCA
The Crypto Market Regulation (the so-called MiCA), at least in its latest draft, also regulates marketing activities related to cryptocurrency offerings. Specifically, the MiCA Policy requires that information provided in the context of promotional activities is fair, clear and not misleading, and consistent with information contained in white papers relating to the products offered. I am requesting that you comply.
The above was repeated and confirmed by the European Commission in a recent response provided following a written question (question E-004040/2022) submitted in the context of a debate conducted by the European Parliament on the proposed regulation. it was done.
In fact, the Commission believes that the provisions of MiCA are sufficiently broad that advertising, publicity or marketing Cipher. MiCA also empowers supervisors to oversee crypto marketing operation.
Crypto promotion service
In answering the aforementioned question, the Commission also: “Crypto Placement Service”, Recall that this service is defined as:
“Marketing cryptography to purchasers on behalf of or for the benefit of the Proposer or parties related to the Proposer.”
Crypto placement services fall under the umbrella of regulated services under MiCA. As a result, those who place cryptocurrencies are obligated not only to comply with the rules on how to place them, but also to obtain a license under the provisions of MiCA.
Necessary Precautions for Influencer Marketing Activities
The application of the Regulations on the provision of financial instruments or telecommunication technology for financial instruments and the future obtaining of authorization under MiCA is an important and particularly troublesome consequence for those who: creator or influencerintends to carry out advertising or promotional activities relating to crypto or a platform dedicated to its trading.
On the one hand, its importance is well known. influencer marketing campaigns Currently involved in marketing a high tech product or service. It is therefore important to: influencer marketing Activities will remain within the limits permitted by current law, and future MiCA regulations, so that they can be carried out legally.