Advertising for Financial Products “crypto-assets” – v2

Preamble

The ICC Advertising and Marketing Communications Code (International Chamber of Commerce) contains general provisions recognized by all professionals: Article 1 – Basic Principles, Article 4 – Honesty, and Article 5 – Truthfulness.

Digital assets, defined in French law since 2019, include crypto-assets, which are now defined by European regulation since 2024 with the entry into force of the MiCA Regulation (Markets in Crypto-Assets, hereafter « MiCA »). For simplicity, reference is made below to digital assets, unless the context requires otherwise.

• Before any advertising, it must be ensured that the service provider, insofar as it provides services on digital assets subject to authorization or registration, is listed on the white list of digital asset service providers (hereafter, « PSAN ») registered in France, published by the Autorité des Marchés Financiers (hereafter « AMF ») [1] . This status is valid until June 30, 2026, for actors registered in France before December 30, 2024, or providing their services before this date. As of July 1, 2026, PSANs must obtain CASP authorization to continue their activities.
• Alternatively, before any advertising , it must be ensured that the service provider, insofar as it provides services on crypto-assets subject to authorization, is listed on the white list of crypto-asset service providers (hereafter, « CASP ») authorized in France, published by the AMF.
• Before any advertising from an issuer of electronic money tokens (e-money token or hereafter « EMT ») or asset-referenced tokens (asset referenced token or hereafter « ART »), it must be ensured that they are listed on the register of authorized financial agents in France [2],  as:
  • A credit institution or electronic money institution, for EMTs;
  • A credit institution or issuer of asset-referenced tokens, for ARTs.
• In addition, the blacklists published by the AMF, which list unauthorized actors and sites for these services on digital assets and crypto-assets subject to registration or authorization operating illegally, must be consulted [3].

This Code aims to establish the rules that advertising professionals (advertisers, agencies, media, advertising networks and platforms, corresponding members including professional organizations) have chosen to adopt regarding advertisements for the acquisition of digital assets—including crypto-assets [4] — as well as services related to these products [5].

Training and consulting offers related to these assets are also covered.

For educational purposes, it also provides elements of regulation, without exhaustively reproducing all applicable provisions.

Contracts for difference (CFDs) whose value is indexed to digital assets are not covered by this Code and fall under the ARPP Code « LEVERAGED FINANCIAL PRODUCTS AND CONTRACTS, ALLOWING EXPOSURE TO FOREX, STOCK INDICES, AND COMMODITY PRICES » [6].

In addition to legislative and regulatory texts or rules set by supervisory authorities applicable to the products and services mentioned below, and all the rules contained in the ARPP Codes, professionals undertake to respect the following ethical rules.

Scope of Application

DEFINITION

Digital assets include [7]:

• Tokens defined as intangible assets representing, in digital form, one or more rights that can be issued, recorded, stored, or transferred using distributed ledger technology (blockchain technology), allowing the identification, directly or indirectly, of the owner of said asset, excluding those that meet the characteristics of financial instruments and treasury bills;
• And, digital representations of value that are not issued or guaranteed by a central bank or public authority, but are accepted as a means of exchange, transfer, storage, or electronic exchange using the same technology.

The definition of crypto-assets overlaps with that of digital assets. They are defined in European law as the digital representation of a value or right that can be transferred and stored electronically, using distributed ledger technology or similar technology.

The MiCA Regulation entered into force on December 30, 2024. It classifies crypto-assets into three types, subject to different requirements depending on the risks they entail. The classification is based on whether crypto-assets seek to stabilize their value by reference to other assets.

• The first type includes crypto-assets that aim to stabilize their value by referencing a single official currency. These crypto-assets are electronic substitutes for coins and banknotes and can be used for payments. They are defined as « electronic money tokens » (e-money token or hereafter « EMT ») in the MiCA Regulation.
• The second type of crypto-assets concerns « asset-referenced tokens » (asset referenced token or hereafter « ART ») in MiCA, which aim to stabilize their value by referencing another value or right, or a combination thereof, including one or more official currencies.
• The third type consists of crypto-assets other than asset-referenced tokens and electronic money tokens, and includes a wide range of crypto-assets, including utility tokens.

ACCESS TO COMMERCIAL COMMUNICATIONS

The AMF publishes white lists of authorized actors (see preamble) as well as an alert table of providers acting in violation of the applicable legislative and regulatory framework [8].

Certain products and related services are characterized by a significant risk of capital loss (notably due to the high volatility of their prices).

FOR DIGITAL ASSET SERVICE PROVIDERS (PSAN)

The national legislative and regulatory framework for digital assets [9] (prior to December 30, 2024, and valid until June 30, 2026) required prior registration as a PSAN with the AMF before providing four services on digital assets (see below). It also allowed PSANs to obtain authorization for these four services as well as for other services.

This framework thus distinguished between two different markets:

• The « primary » market, consisting of token issuance offers (Initial Coin Offering or ICO);
• The « secondary » market, consisting of service offers related to already issued tokens.

These different regimes have consequences for the advertising and other types of commercial communications that can be carried out by providers or issuers.

The rules relating to the primary market are detailed in the section below entitled « THE CASE OF PUBLIC OFFERS OF CRYPTO-ASSETS » [10].

Regarding the rules for secondary market operators, the law lists ten activities [11] related to services on digital assets:

Four for which providers had to obtain mandatory registration (before December 30, 2024) with the AMF to operate and thus to advertise:

• The service of custody of digital assets or access to digital assets on behalf of third parties, including in the form of private cryptographic keys, for the purpose of holding, storing, and transferring digital assets;
• The service of buying or selling digital assets in legal tender;
• The service of exchanging digital assets for other digital assets;
• The operation of a digital asset trading platform;

Six for which mandatory registration was not required, and thus not required for any advertising. From now on, only authorized PSANs can continue to advertise in connection with these six services (in addition to the advertising they can carry out on the four services mentioned above):

• The reception and transmission of orders on digital assets on behalf of third parties;
• The management of digital asset portfolios on behalf of third parties;
• Advice to subscribers of digital assets;
• The underwriting of digital assets;
• The guaranteed placement of digital assets;
• The non-guaranteed placement of digital assets.

Indeed, regardless of their activity among the ten mentioned, providers could apply for and obtain optional authorization (before December 30, 2024). Thus, actors who obtained authorization before this date can continue to access advertising, to communicate through canvassing, sponsorship, or patronage on all ten services on digital assets until June 30, 2026. Advertising directing to a contact form, the download of an application, or any other type of connection tool and which is only possible for authorized providers is covered by this Code.

Note: PSANs authorized in France have until June 30, 2026, to obtain CASP authorization to continue their activities beyond this date. In the meantime, these registered or authorized PSANs retain the possibility of carrying out advertising acts within the above limits.

FOR CRYPTO-ASSET SERVICE PROVIDERS (CASP)

The European legislative and regulatory framework for crypto-assets [12] requires registration as a CASP [13], or obtaining prior CASP authorization from the AMF (or another European supervisory authority, as foreign CASPs can legally offer their services in France via the European passport) before providing services on crypto-assets. These are the following ten services:

• Custody and administration of crypto-assets on behalf of clients;
• Operation of a crypto-asset trading platform;
• Exchange of crypto-assets for funds;
• Exchange of crypto-assets for other crypto-assets;
• Execution of orders on crypto-assets on behalf of clients;
• Placement of crypto-assets;
• Reception and transmission of orders on crypto-assets on behalf of clients;
• Provision of advice on crypto-assets;
• Provision of crypto-asset portfolio management services;
• Provision of crypto-asset transfer services on behalf of clients.

Thus, the benefit of registration or authorization as a CASP (see the white list of CASPs authorized in France, published by the AMF) allows these providers to carry out their activities, gives them access to advertising, and also allows them to communicate through canvassing, sponsorship, or patronage on these ten services on crypto-assets.

FOR EMT ISSUERS (ELECTRONIC MONEY TOKENS)

To issue electronic money tokens, the European legislative and regulatory framework for crypto-assets requires authorization as a credit institution or electronic money institution and notification of a white paper to the Autorité de Contrôle Prudentiel et de Résolution (hereafter « ACPR ») (or another European supervisory authority, as European EMT issuers can legally offer their products in France via the European passport).

FOR ART ISSUERS (ASSET-REFERENCED TOKENS)

To issue asset-referenced tokens, the European legislative and regulatory framework provides two possibilities:

• Obtain authorization as an issuer of asset-referenced tokens from the ACPR (or another European supervisory authority, as European ART issuers can legally offer their products in France via the European passport),

or

• Be authorized as a credit institution and draft a white paper approved by the ACPR (or another European supervisory authority).

THE CASE OF PUBLIC OFFERS AND APPLICATIONS FOR ADMISSION TO TRADING OF CRYPTO-ASSETS

Under the MiCA Regulation, three types of crypto-assets exist.

Regulation, particularly in terms of advertising, varies depending on the type of crypto-asset that is offered or for which an application for admission to trading is made (see Annex I of this Code on the obligations and information required for commercial communications depending on the type of crypto-assets).

• The regime for public offers and applications for admission to trading of electronic money tokens (EMT) and asset-referenced tokens (ART) is governed by the MiCA Regulation.

For these two categories of tokens, before launching a public offer or an application for admission to trading, the regulation requires the drafting of a white paper whose content and form are set by the MiCA Regulation.

Any commercial communications must comply with certain conditions and must not be published before the publication of the white paper. These conditions include [14]:

• Being clearly identifiable;
• Presenting fair, clear, and non-misleading information;
• Corresponding to the information in the white paper;
• Clearly indicating that a white paper has been published;
• Mentioning the website address of the issuer, a telephone number, and an email address for contact;
• Including a clear and unambiguous statement that:
  • Holders of electronic money tokens have a right of redemption against the issuer, at any time and at par;
  • Holders of asset-referenced tokens have a right of redemption against the issuer at any time.
• The regime for public offers and applications for admission to trading of crypto-assets other than ART and EMT has been amended by the MiCA Regulation. Thus, the previous procedure for obtaining an optional visa from the AMF for a primary token issuance is abolished.

Now, the new regime established by the MiCA Regulation [15] requires, before launching a public offer of crypto-assets or an application for admission to trading of these crypto-assets, the drafting of a white paper, whose content and form are set by the MiCA Regulation. This white paper must then be published.

Similarly, any commercial communications (published after December 30, 2024) relating to public offers and applications for admission to trading of crypto-assets other than ART and EMT must comply with certain conditions and must not be published before the publication of the white paper. These conditions include [16]:

• Being clearly identifiable;
• Presenting fair, clear, and non-misleading information;
• Corresponding to the information in the white paper;
• Indicating that a white paper has been published and providing a URL linking to it;
• Including the following clear and visible statement: « This commercial communication has not been reviewed or approved by a competent authority of a Member State of the European Union. The offeror of the crypto-asset is solely responsible for the content of this commercial communication. »

COMMERCIAL INFLUENCE ON DIGITAL ASSETS AND CRYPTO-ASSETS

For commercial influence activities, any promotion, direct or indirect, via electronic means, is prohibited [17] for:

• The provision of services on digital assets, including crypto-assets, except for those for which the advertiser is authorized or registered as a PSAN, or authorized or registered as a CASP;
• Digital assets, including crypto-assets, except those related to services for which the advertiser is:
  • Authorized or registered as a PSAN, or;
  • Authorized or registered as a CASP, or;
  • Authorized under Article 16 or Article 48 of the MiCA Regulation.

These rules apply without prejudice to the provisions of the ARPP Code « Digital Advertising Communication » and the various practical sheets, particularly the one on influencer and brand communication.

Similarly, it is recalled that the provisions of the ARPP Code « Sustainable Development » apply.

I – TRANSPARENCY

1. Identification

1.1 Identification of the Advertising Nature

Advertising must be clearly and immediately distinguishable as such, without ambiguity, regardless of the form and medium used. When advertising is disseminated in media that also contain news or editorial articles, it must be presented in such a way that its advertising nature is immediately apparent.

1.2 Identification of the Advertiser and Endorsement

The advertiser, who is responsible for the advertising, must be clearly identified or identifiable by any means. When the format, technique, or advertising medium does not allow for all the advertiser’s identification details to be included in the advertisement itself, they may be made directly accessible by any means.

The French regulator may only be mentioned in advertising if the applicable regulations permit it and in compliance with such regulations (see in particular the cases mentioned above). This mention must not be presented in an abusive or misleading manner so as not to suggest approval or endorsement.

In all cases, commercial communications relating to public offers and applications for admission to trading of crypto-assets other than « electronic money tokens » (e-money token or EMT) and « asset-referenced tokens » (asset referenced token or ART) must include the following clear and visible statement: « This commercial communication has not been reviewed or approved by a competent authority of a Member State of the European Union. The offeror of the crypto-asset is solely responsible for the content of this commercial communication. »

1.3 Identification of the Nature of the Product or Service, Subject of the Advertising

The nature of the product or service may be identified by any means. The use of generic terms to designate the nature of the product or service is possible, provided that it does not mislead or create confusion, except in cases where positive law rules require the use of precise and/or determined terms.

2. Clarity, Fairness, and Truthfulness of Advertising

Advertising falling within the scope of this Code must comply with the principles of clarity, fairness, and truthfulness, must not be misleading [18], and must not denigrate other sectors, products, or services, whether regulated or not.

2.1 Balance of Advertising

Advertising must be balanced between, on the one hand, the presentation of performance (gains, returns, including in visual or graphical form) of the product or service and, on the other hand, the risks inherent in subscribing to the latter.

In any advertising, regardless of its content and the medium used for dissemination, clear, intelligible, and perfectly legible and/or audible information on the risks specific to the activity or product(s) concerned must be provided.

The wording of these warnings must highlight, in addition to the risk of capital loss, the particular volatility of the prices of the products concerned and the cyber risk (hacking of access or the platform on which the cryptos are stored).

In writing, this information must always appear horizontally and use characters of sufficient size, normally spaced, in a font that allows easy reading and in a color that contrasts with that used for the background of the advertisement; it must stand out clearly, by any means (use of bold, underlining, a different color or size, etc.), from all other information [19]. Orally, it must be easily audible and stand out clearly from all other information [20].

In all cases, advertising must not suggest that crypto-assets are suitable for everyone and that the consumer takes no risk and/or that their risk is limited.

2.2 Promise of Results

Returns/gains (in absolute value or percentage, in particular) must not be presented as systematically achievable, easily acquired, or recurrent, thereby obscuring the risk factor.

Advertising must not create disproportionate or false expectations regarding these products.

Advertising must not suggest that the proposed training allows the consumer to acquire mastery of the markets, on par with professionals in these sectors.

Finally, advertising must not suggest that the competence, experience, or training provided to the consumer will enable them to eliminate market uncertainties.

Past performance must be identified, by any means, as « past » and it must be specified that it does not prejudge future performance.

II – SOCIAL RESPONSIBILITY AND PROTECTION OF MINORS

1. Social Responsibility

« All commercial communications must be prepared with a keen sense of social, environmental, and professional responsibility. » Article 1 of the ICC Code on Advertising and Marketing Communications.

Thus, advertising for products or services within the scope of this Code must not, whether in writing, audio, or image:

• Minimize commitments and risks, including in the case of training on the crypto-asset market;
• Present the use of these products or services as a game, or make an analogy between gambling and the products or services covered by this Code;
• Confer social superiority on those who use these products or services;
• Promote, trivialize, or encourage excessive use of these products or services that could put the consumer in a difficult financial situation;
• Suggest that the use of these products or services will allow the consumer to build a regular salary or resolve financial difficulties, temporarily or permanently;
• Give the impression of wealth, abundance, disproportionate gains or returns, the possibility of making a fortune, or getting rich without working or effort.

Advertising must not denigrate savings products with regulated remuneration, nor products with lower risk.

2. Protection of Minors

Advertising for this type of product or service must not target minors, given their legal inability to access or subscribe to them.

It must not use visual, written, or audio elements that make it specifically attractive to minors.

The direct or suggested representation of minors in situations of training or use of these products or services, even if accompanied by adults, or testifying about these products, is excluded.

ANNEXES

October 2025

The Codes published by the ARPP are protected and made available to the public for informational purposes. Any use of these texts for commercial purposes, including their reproduction, adaptation, or integration into commercial products or services, such as artificial intelligence models, detection tools, or any other device, is strictly subject to the prior express written consent of the ARPP, in accordance with the ARPP General Terms and Conditions of Use. For any authorization request, please write to us at contact@arpp.org.

Notes

[1]: White list of digital asset service providers (PSAN) registered in France, published by the AMF.

[2]: REGAFI for issuers of asset-referenced tokens, credit institutions, or electronic money institutions authorized in France, or EUCLID for electronic money institutions authorized in other EU Member States.

[3]: Blacklists of unauthorized companies and websites: Forex, binary options, miscellaneous assets, crypto-asset derivatives, impersonation, etc. | AMF

[4]: Defined in Article L.54-10-1 of the French Monetary and Financial Code.

[5] Listed in Article L.54-10-2 of the Monetary and Financial Code.

[6] www.arpp.org/nous-consulter/regles/regles-de-deontologie/produits-et-contrats-financiers-a-effet-de-levier-permettant-de-s-exposer-sur-le-forex-les-indices-boursiers-et-le-cours-des-matieres-premieres/

[7] Article L.54-10-1 of the Monetary and Financial Code.

[8]: Particularly for providers offering services subject to mandatory registration in France without being registered.

[9]: Law No. 2019-486 of May 22, 2019 on the growth and transformation of businesses (known as the « PACTE Law »), as amended, codified in Articles L.54-10-1 et seq. of the French Monetary and Financial Code.

[10]: The procedure for obtaining an optional visa from the AMF for a primary token issuance is abolished. The applicable regime is now that established by the MiCA Regulation.

[11] Article L.54-10-2 of the Monetary and Financial Code.

[12]: Regulation (EU) 2023/1114 on markets in crypto-assets, known as the « MiCA » Regulation.

[13]: For entities referred to in Article 59 1. b) of the MiCA Regulation: credit institution, central securities depository, investment firm, market operator, electronic money institution, UCITS management company, or alternative investment fund manager (AIFM).

[14]: Articles 29 and 53 of Regulation (EU) 2023/1114 on markets in crypto-assets, known as the « MiCA » Regulation. See Annex I of this Code.

[15]: Title II of Regulation (EU) 2023/1114 on markets in crypto-assets, known as the « MiCA » Regulation.

[16]: Article 7 of Regulation (EU) 2023/1114 on markets in crypto-assets, known as the « MiCA » Regulation. See Annex I of this Code.

[17] Article 4- V. 2° and 4° of Law No. 2023-451 of June 9, 2023, aimed at regulating commercial influence and combating abuses by influencers on social media, as amended.

[18]: Article 66 of the MiCA Regulation provides that in commercial communications, CASPs must provide their clients with fair, clear, and non-misleading information that must be identified as such. They must not mislead a client, whether deliberately or through negligence, about the real or supposed benefits of a crypto-asset.

[19]: In particular, those imposed by the MiCA Regulation for commercial communications relating to public offers and applications for admission to trading of EMT, ART, and crypto-assets other than ART and EMT.

[20]: In particular, those imposed by the MiCA Regulation for commercial communications relating to public offers and applications for admission to trading of EMT, ART, and crypto-assets other than ART and EMT.