Crypto influencers in the crosshairs of regulation, what impact?
How to tell the difference between a good and a bad influencer? – Even if the initial idea is good (to protect), the establishment of a certificate of influence can make you smile.
Who has never seen, via an ad, between two videos on Youtube for example, a ” influencedr” which promises mountains and wonders. Whether in crypto, real estate, investing in general, or even the “easy” job that promises fortune for 15 minutes a day.
The problem with these kinds of videos is that often the product, platform, or tip being featured is “sponsored,” but the person flailing in front of you doesn’t tell you.
In the field of crypto (and Web3 in general), a clear distinction must be made. On the one hand, there are the “charlots” who are known thanks to tiktok and reality TV. They know absolutely nothing about crypto. They will try to sell the last project NFT trendy, or the crypto that will make you rich by going “too the moon” in 2 weeks while the market is on pause. These people, whatever you do, will not be bothered by any regulatory initiative. They appear and disappear as fast as Do Kwon on the networks.
For the second part of the “influencers”, it is more problematic. Most clearly display the fact that they make sponsored videos (or threads). The moral problem that then arises is linked to each person’s interpretation. Do they make these videos because they really believe in the project, and take a salary along the way? Or would they have made a video on what they put forward, even if they had not been paid? Would they themselves have invested money in this project?
The problem is that the media make no distinctions. They put honest content creators in the same basket, and charlatans who ride the wave (even if it is quite easy to tell them apart).
Certainly, we all know someone who has followed a link found in a Youtube video, or who has paid access to a channel Discord trading, and ended up with nothing in the end. These scams, too numerous, are a plague for our ecosystem.
But you have to take the time to highlight all the people who are building, day after day, a community that they really care about. People who popularize the blockchain so that everyone can understand what it is for and how it works. They take the time to do free analyzes of the prices of the different cryptocurrencies.
In addition, they sometimes spend hours writing a thread on Twitter, just to help the community understand a project, or better integrate a concept.
So what is the French administration doing (MFA, ARPP) for that? It sets up a certificate!
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I declare on my honor not to scam my audience
Called CIR, or Responsible Influence Certificate, this document is based on a study conducted by the ARPP in 2020. It is based on the observation that 1 in 4 content is not transparent about the commercial relationship it may have. Which means that 3 out of 4 content are honest, but let’s move on.
To have this sesame, which certifies that you are an honest influencer (term which does not mean anything), you will need to obtain at least 75% correct answers at a questionnaire which takes less than 15 minutes. You will then be asked if you are aware that scamming people is wrong, and that you should always warn when content is sponsored. And pay 49€ registration fees.
If you pass it, you can then post on your social networks the fact that you have obtained the CIR. This has absolutely no value today.
If you miss it, no worries, you can repeat it, a new session starts at the beginning of each month.
Is this certificate a guarantee of quality? You might think not. Who, today, will waste their time (and €49) filling out this questionnaire which will bring them absolutely nothing?
And above all, it does not commit to anything. So if a scammer, to give himself a good image, tells you that he has the CIR, absolutely nothing prevents him from continuing to offer you content that will abuse your trust, and your money.
Do we need regulation, regulation in relation to this “profession”? Yes, clearly, we must be able to protect people who can put all, or part, of their savings in a scam. But putting a bandage on a wooden leg, as we often like to do in France, will change absolutely nothing. Especially when you know that most scammers of this type live in Dubai or other tax havens.
So stay careful. There is, as yet, no clear rule, no proof that the person you are following has been “audited” and is providing you with honest content.
Take the time to do your research on what it puts forward, to check on the internet and social networks, and never invest all your savings. The watchword (in crypto and beyond) is to invest only what you are ready to lose. If not, please close the video, no regrets.
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