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French legislation prohibiting the promotion of cryptocurrencies and crypto corporations compelled Formula (F1) teams to remove crypto company sponsors from their vehicles. According to RacingNews365, an EU-wide ban on crypto marketing is possible.
The French regulatory agency Autorité des Marches Financiers (AMF) is responsible for regulating financial markets and determining what can be promoted. The AMF views' crypto' as an umbrella word that might encompass currencies, wallets, and exchanges. While some have registered with the AMF, some didn't. Therefore, everything that falls under the word "crypto" is prohibited from advertising.
The 2022 French Grand Prix took place between July 22 and 24. Aware of the regulatory ramifications, some sponsors opted out while others sought legal counsel.
Eight out of ten F1 teams currently have at least one crypto firm or cryptocurrency sponsor. Due to the severe repercussions of the advertising prohibition, some sponsors have opted not to use their branding rights in France.
Crypto.com, the global partner of F1 and sponsor of the Aston Martin team, told RacingNews365: “Crypto.com has opted not to exercise its branding rights for this race. However, it remains F1’s global partner, and we anticipate that these rights will be utilized in other ways at future races.”
Similarly, the Alpine team deleted Binance branding, and the Alpha Tauri team eliminated the Fantom ecosystem to avoid disputes with the French watchdog.
In contrast, Red Bull Racing displayed both of its sponsors, ByBit and Tezos, during the race. When queried about the French legislation, a spokeswoman for the company stated that their legal team was aware of the problem and had determined that the AMF requirements do not apply to the emblems on their vehicles.
Mercedes’s crew made the same decision about Velas’s display. The team conferred with Velas, who advised that the advertising did not violate AMF regulations. The Mercedes group stated:
“Velas Network AG notified us that it does not supply services requiring registration with the [AMF]; consequently, there is no advertising limitation regarding the use of the Velas brand on Scuderia Ferrari assets during the French Grand Prix,”
In terms of advertising laws for F1 races, France has traditionally been relatively strict. The government has outlawed cigarette, alcohol, and gambling advertisements and has one of the strictest advertising rules in the world. According to RacingNews365, the EU may follow France’s lead and prohibit the promotion of specific cryptocurrencies and platforms.
France has one of the highest adoption rates of cryptocurrencies in Europe. According to Gemini’s Global State of Crypto 2022 study, 16% of French citizens hold cryptocurrency. The number increases to 62% for families with a high income. Additionally, France is a leader in gender equality in the crypto sphere, with over 45 percent of crypto holders being female. In addition, 8% of French respondents stated they would likely purchase cryptocurrency before the end of the year.
From a regulatory standpoint, France may be viewed as crypto-friendly. The regulators are working on a rule for cryptocurrencies despite any absence. In July 2021, the AMF submitted crypto regulatory ideas to the European Commission, and the Commission left France with four essential action items.
