In a recent survey by the French markets regulator AMF, it was revealed that a significant number of French investors have embraced cryptocurrency, surpassing traditional stocks and ETFs.
The study indicates that nearly 25% of respondents have invested in some form, with half of them entering the market during the pandemic.
Notably, 9% of French investors own cryptocurrency, compared to 7% in stocks and a mere 2% in ETFs as reported by Bloomberg.
Delving into the demographics of post-Covid investors, a clear trend emerges — a majority of newcomers are men who exhibit a stronger interest in crypto and NFTs than their conventional counterparts.
Their investment decisions are influenced more by social media and friends than professional advice. The study also highlights that a significant portion of these investors are active in digital gambling and sports betting, which have witnessed a surge in popularity.
Despite their apparent confidence, the AMF cautions that over two-thirds of these self-proclaimed ‘experts’ provided incorrect answers when quizzed on fundamental financial concepts.
Alarmingly, more than half of the youngest respondents scored poorly on questions related to inflation, diversification, and risk/reward relationships.
The regulator suggests that a new approach to enhance financial literacy is imperative, especially considering that 40% of those aged 18-24 prioritize making a quick fortune.
With the rise of financial influencers on platforms like TikTok disseminating potentially misleading information, regulators globally face the challenge of adapting to evolving attitudes toward gambling, which is being often glamorized on social media and TV, and investment.
Given the prevalence of the ‘You Only Live Once’ (YOLO) mindset among French investors, there is a pressing need for improved financial education.
Meanwhile, France’s National Assembly approved the JONUM regime, also known as the Sorare law, establishing a regulatory framework for NFT-based video games and cryptocurrency monetization.
The legislation aims to distinguish crypto games from traditional gambling, subjecting them to tailored regulations overseen by the Autorité Nationale des Jeux (ANJ).
While the JONUM regime has been praised for fostering innovation, critics argue it may provide preferential treatment to crypto games and raise concerns about potential illegal gambling.
The legislation also introduces rules for promoting Web3 games through influencers, restricting promotions on platforms unable to exclude minors.
However, French influencers were prohibited from promoting digital currencies online following a National Assembly vote, with violators facing fines up to $32,000 and up to two years imprisonment.
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