Formula 1 teams have been forced to comply with French advertising laws, which prohibit the display of advertisements for crypto firms that are not registered with the AMF.
Crypto advertising is hampered by advertising laws
With the French Grand Prix fast approaching, Formula 1 teams have been openly displaying their crypto sponsorships and brand deals. This included decals featuring the logos of these cryptocurrency sponsors. The French authorities, however, have mandated that the teams adhere to the country’s stringent advertising laws. Any crypto firm wishing to advertise in France must first register. As a result, many F1 teams have had to remove crypto advertisements and logos from their race cars.
France has always had strict advertising laws. Despite being one of the most welcoming countries for crypto adoption, the law still requires all crypto firms to register as a Digital Assets Services Provider (DASP) with the Autorité des Marchés Financiers (AMF), the country’s financial authority, in order to advertise their services or products in the country.
Teams And Their Crypto Sponsorships
Eight of the ten teams competing in the French Grand Prix had one or more partnerships with cryptocurrency companies. They were all told to change the branding on their cars, team uniforms, racing gear, and other items to remove any mention of cryptocurrencies. For the French Grand Prix, for example, the Alfa Romeo F1 team has removed the branding for its partners – cryptocurrency Floki Inu and crypto lender Vauld – from all displayable surfaces. The team justified its decision by saying: The team complies with all French regulations regarding crypto partner advertising on the vehicle. We’ve been told that in order to display a cryptocurrency partner logo in France, the cryptocurrency brand must be registered with the AMF, which two of our cryptocurrency partners do not have.
Red Bull Racing, another race team, had collaborated with Tezos to create an NFT fan experience. Because of the French advertising restrictions, the Red Bull Racing team has had to involve its legal team and bring the issue to the attention of its crypto partners.
Crypto.com And F1
The sponsorship agreement between F1 and Crypto.com, which has been a global partner for the racing series since July 2021, is the most notable of all crypto partnerships involved in the matter. The cryptocurrency exchange also served as the title sponsor of the recently concluded Miami Grand Prix. The company has revealed, however, that it has decided not to use its branding rights for this leg of the competition.
Crypto.com’s spokesperson also stated: However, it remains F1’s global partner, and we anticipate that such rights will be used in other ways at future races.
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