France: crypto sponsors removed from F1 Grand Prix
At the Formula 1 French Grand Prix, many international teams were forced to cover up crypto-related sponsors and logos due to uncertainty surrounding French advertising regulations.
France: demand to remove crypto-related advertising in F1
In accordance reportsit looks like that the uncertainty surrounding French rules for advertising various products has also targeted cryptocurrenciesand forces many international F1 teams to remove and cover their crypto sponsors during the Grand Prix weekend.
These are as many as eight out of 10 teams currently partner with cryptocurrency companiessuch as Alfa Romeowith Vauld and Floki Inu (FLOKI), and Red Bull Racing, which has ByBit and Tezos as partners, the latter shared with McLaren. Not only that, F1 and Aston Martin has also partnered with Crypto.com.
All these crypto brands have thus been removed from the competition in France. The problem with product ads also leaves some confusion over crypto sponsors precisely because it is Autorité des Marches Financiers (AMF) which regulates the domestic financial markets which must agree on what is to be done.
And in fact, some products, even crypto-related, are registered with the AMF, others are awaiting approval, and some still fall outside the AMF. Precisely because of this uncertainty, international F1 teams have had to cover their crypto logos.
France vs. Monte Carlo and the list of crypto sponsors
Unlike the Grand Prix in France, i F1 race in Monte Carloone of the most famous circuits in the world, all crypto sponsors was postponed.
In fact, as many as 6 cars from the various stables were sponsored namely by Binance, Bybit, Fantom, FTX, Crypto.com, Tezos and others.
Cryptonomist was also a partner in the Monte Carlo race, with the magazine’s logo scattered around the course and on the various advertising corners during the race. It was the only crypto magazine present and invited to the event.
No to crypto ads, but yes to French CBDC
Recently, the president of the French central bank, François Villeroy de Galhau, announced that the bank has begun the second phase of testing a wholesale CBDC.
Despite the strict regulation dedicated to crypto advertising, France would indeed be one of the most advanced European countries in the design of its digital state currency.
Last year, it reportedly launched a test with four central banks: Hong Kong, China, the United Arab Emirates and Thailand, for a new prototype digital currency.
