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French regulations banning cryptocurrency and crypto company marketing have forced Formula (F1) teams to remove their crypto company sponsors from their cars, RacingNews365 It reports that a ban on crypto marketing across the EU may come.
The French guard dog Autorit des Marche Financials (AMF) is responsible for regulating financial markets and determining what can be advertised. AMF considers the term “cryptography” to be a general term that may include currencies, wallets, and exchanges. Some are registered with AMF, while others are not. Therefore, anything that falls under the term “encryption” is subject to strict advertising bans.
French Grand Prix 2022 It was held from July 22nd to 24th. Recognizing the regulatory implications, some sponsors chose to opt out, but some sponsors sought legal advice.
Currently, eight out of ten F1 teams have at least one crypto company or currency sponsor. Due to the impact of advertising bans, some sponsors have decided not to exercise their brand rights in France.
Crypto.com, F1’s global partner and sponsor of the Aston Martin team, RacingNews365 And said:
“Crypto.com has decided not to exercise the brand rights for this race, but it remains a global partner in F1 and such rights will be leveraged in other ways in future races. I’m looking forward to it. “
Similarly, the Alpine team removed the Binance logo, and AlphaTauri removed the phantom ecosystem from the car to avoid fighting with the French guard dog.
Meanwhile, Red Bull Racing exhibited both sponsors ByBit and Tezos during the race. When asked about French regulations, a spokesperson said their legal team knew the situation and decided that their car logo did not fall under AMF regulations.
The Mercedes team made a similar decision on the Velas exhibit. The team confided to Velas and was informed that the ad did not meet the AMF rules. The Mercedes team said:
“Velas Network AG has notified us that it does not provide services that require registration. [AMF] Therefore, there is no advertising ban on the use of the Velas logo on Scuderia Ferrari’s assets within the French Grand Prix. “
France has always been very strict about advertising regulations in F1 racing. The country has one of the strictest advertising laws, and tobacco, alcohol and gambling advertising is already banned.according to RacingNews365The EU takes francs as an example and may imply a marketing ban on certain cryptocurrencies and platforms.
France has one of the highest crypto adoption rates in Europe.According to the global state of Gemini cryptocurrency 2022 report, 16% of France’s own code. In high-income families, that percentage rises to 62%. France is also a leader in gender equality in the field of cryptocurrencies, with more than 45% of cryptocurrency holders being women. In addition, 8% of French say they will probably buy cryptocurrencies by the end of the year.
from Regulation From a point of view, France can be considered crypto-friendly. There are no restrictions on cryptocurrencies, but regulators are working on them. The AMF announced a cryptographic regulation proposal to the European Commission in July 2021, which retired at four key points of action that France should address.
