Following research conducted by the CPI of the Cryptocurrency Financial Pyramids, the final report of Deputy Ricardo Silva (PSD-SP) proposed changes to the Criminal Code that could make life difficult for influencers promoting scams.
The paper presented last Monday (09) found that many cryptocurrency market scams, including financial pyramids, used the influence of digital personalities to attract victims.
However, the lack of clarity in the relationships between influencers and companies has made it difficult to determine the responsibility of digital celebrities.
The project proposes measures aimed at increasing the reputational risk of influencers by making it mandatory to draw up and make public a contract, which must describe, among other things, the type of advertising, compensation and frequency of messages.
Additionally, companies must publicly list all influencers they have hired in the past five years.
Legislation will make influencers legally responsible for promoting scams

During a press conference last Monday (9), Deputy Ricardo Silva (PSD) spoke about the proposed changes to the Criminal Code, specifically in the articles 171 It is 171-A. According to him, the goal is to combat the spread of cryptocurrency scams by digital influencers.
The deputy pointed out that the new legislation aims to punish those who disclose fraudulent schemes. This means that, If the legislation is passed, influencers would become legally responsible for promoting scamssubjecting them to the same penalties as those who organize such schemes.
“We amend Articles 171 and 171a of the Criminal Code to punish the behavior of influencers who publish criminal plans [de criptomoedas]. From now on, anyone who prepares or distributes publicity materials or participates in any advertising campaign in connection with the fraudulent scheme will face the same penalties as these crimes.” — the deputy said.
Ricardo Silva also spoke about communications professionals and artists, recognizing that many of them may be involved in advertising campaigns without being fully aware of the fraudulent nature of the programs they promote.
To protect these professionals, the proposal introduces a series of safeguards. One of the measures is making pre-established registrations mandatory, such as specific registrations and authorizations.
In addition, contracts between influencers and companies will have to be registered and made public on social media, ensuring transparency.
The deputy also emphasized the importance of creating criteria, specifically referring to registration with the Securities and Exchange Commission (CVM) as one of the security measures.
“To also provide certainty to people who advertise, because artists often do not know whether that arrangement is a scam. We create pre-established rules such as registrations and barriers… so we also create these criteria, such as registration with the CVM, such as authorizations, registration of the contract with publication of it on social networks, we also demand legal security for everyone who is a communications professional. We have to worry about that too.”
What could change for cryptocurrency influencers
To start with the project to define What is an ‘influencer’? If you have more than 20 thousand followers adding up all your social networks, is considered an influencer.
If an influencer is paid to talk about a product or service related to virtual assets, he will You will need to make this very clear to your followers.
Furthermore, the Companies that pay influencers to advertise will have to list all influencers who they have worked with recently five years on their websites.
Finally, every agreement between influencer and company will have to be recorded in a contract which should detail, among other things, what the influencer must do, how often they will post and how much they will receive. That contracts must be kept for five years.

The text aims to protect investors and ensure that information about virtual assets is disseminated in a responsible and transparent manner. The measure also hopes to provide additional information for investigations into fraudulent schemes.
The proposal will now be processed in the National Congress for final approval.
Source: Live Coins

Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.