According to a statement released by the Senate on Thursday, French lawmakers in a key committee of a legislative body have unanimously approved new rules that restrict crypto promotion by social media influencers.

According to a declaration by Arthur Delaporte and Stephane Voijetta who led the negotiations in the National Assembly the deal allows promotion of products from any crypto firm registered with the Financial Markets Authority. This is a more lenient stance than the previous one.

French legislators fought over the new law that regulates social media personalities in paid marketing. It also covers cosmetics, gambling and other areas.

Assembly drafts of the influencers bills would effectively ban crypto publicity by influencers, limiting it to digital assets companies with a licence. The industry was concerned that the plan could undermine the country’s plans to become a crypto hub.

Senators preferred softer restrictions. They said social media influencers could promote any company registered – which includes dozens of other companies, such as Bitstamp and Binance.

The Joint Mixed Committee (which includes representatives of both chambers) has not yet published the final text of the agreement reached.

European Commission published new rules on Wednesday. These would hold regulated investment firms accountable for the content they encourage or pay a “finfluencer” in social media to promote. If these proposals become law, they would be applicable across the European Union including France.

Read more: French senators say that influencers should be allowed to promote registered crypto firms

Sandali Handagama is the editor.