French Advertising Laws Affect F1 Crypto Branding Teams
The long and strict regulations in France with Cordially to the advertising of several products have been affected by the sudden spurt of advertising laws. The Crypto brand of Formula1 (F1) and its competitors would be affected by crypto laws, which seem to be spreading like lightning.
Crypto-related ads during the Formula 1 French Grand Prix, an annual motor racing event that attracts millions of viewers and investors, have been either hidden or removed entirely.
In Formula 1 terms, crypto products are actually the “new tobacco” of the sport. The products are controversial, the brands are full of money, have limited global advertising scenes and rang with the vivid images of F1.
As many people in France and elsewhere are discovering, not only is the promotion of these objects increasingly targeted, but the rules relating to them are also incredibly lax.
Due to ambiguous French advertising laws, crypto-related ads have been removed from Alpha Romeo, Alpha Tauri, and Alpine vehicles as well as driver clothing.
Eight of the ten competing teams have some form of relationship with crypto companies. As a result, Alpha Romeo removed the crypto lender’s Vault and Floki Inu (FLOKI) coin emblems. Fantom’s ads were removed by Alpha Tauri, while Binance’s ads were eventually masked by Alpine.
Read also : Crypto Exchange OKX Reaches Deal With F1’s McLaren Racing
Since July 2021, Crypto.com has become one of the biggest global partners of Formula 1. However, their advertisements were not present throughout the race weekend.
The company released a statement saying, “Crypto.com has decided not to exercise its trademark rights for this run. But he remains F1’s global partner and we expect those rights to be exploited in other ways at future races.”
The removal of these advertisements comes just days after the Financial Markets Authority (AMF) announced its partnership with the Professional Advertising Regulatory Authority.
Another difficulty, the term “crypto” covers different products, including virtual currencies, exchange platforms and virtual wallets. Depending on the products and markets targeted, some products are registered with the AMF, others are awaiting approval, and still others are not covered by the AMF. Hence the gigantic disarray, with teams and sponsors generally erring on the side of caution.
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