France’s advertising laws affect F1 teams’ crypto branding
The long strict regulations in France with regards to the advertising of several products has been affected by the sudden influx of advertising laws. The crypto branding of Formula1 (F1) and its competitors is reportedly affected by crypto laws, which seem to be spreading like lightning.
The crypto-related advertisements during the Formula 1 French Grand Prix, an annual car racing event that draws millions of viewers and investors, were either hidden or completely eliminated.
In Formula 1 terms, crypto products are effectively the sport’s “new tobacco”. The products are controversial, the brands are flush with cash, have limited worldwide advertising stages, and tolls with high live images of F1.
As many people in France and elsewhere are discovering, not only is the marketing of these goods increasingly targeted, but the related rules are also incredibly lax.
Due to ambiguous French advertising laws, the crypto-related advertisements were taken from the Alpha Romeo, Alpha Tauri and Alpine vehicles as well as the drivers’ clothing.
Eight of the ten competing teams have some form of relationship with crypto companies. As a result, Alpha Romeo deleted the Vault and Floki Inu (FLOKI) coin emblems from the crypto lender. Fantom’s ads were removed by Alpha Tauri, while Binance ads were eventually hidden by Alpine.
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Since July 2021, Crypto.com has grown to be one of Formula 1’s largest global partners. However, their ads were not present during the race this weekend.
The company offered a statement saying “Crypto.com decided it would not exercise its branding rights for this race. However, it remains F1’s global partner and we expect that such rights will be exploited in other ways in future races.”
The elimination of such ads comes just days after the Autorité des Marchés Financiers (AMF) announced its partnership with France’s professional advertising authority.
Another difficulty is that the term “crypto” covers different products, especially virtual currencies, exchange stages and virtual wallets. Depending on the product and target markets, some products are registered with the AMF, others expect approval, while others fall outside the AMF’s scope. Hence the gigantic mess, with teams and sponsors generally erring on the side of caution.
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