It appears that Spain has plans to tighten the laws governing the advertising of cryptocurrencies. The Spanish stock market supervisor CNMV said today.
These rules will also apply to the promotional activity of any person who advertises on behalf of third parties, such as social media influencers. In fact, cryptocurrency advertising has increased, particularly from social media influencers like Youtube, which are attracting the attention of regulators around the world.
In November, the regulator scolded Spanish soccer star Andres Iniesta after promoting cryptocurrency exchange platform Binance on his Twitter and Instagram accounts. In a tweet sent to Iniesta, CNMV recommended that he be informed about cryptocurrencies “before investing in them or recommending others to do so”.
Under these new rules – which will take effect in February in Spain – announcements of cryptocurrencies and other crypto assets must be clear, balanced, impartial and not misleading, the Stock Market Regulator said in a statement, all of this to ensure that investors are aware of the risks. The messages under consideration will have to include “information on risks in a prominent way,” the note added. Cryptographic service providers will need to notify the regulator of advertising campaigns targeting 100,000 people or more with at least 10 days’ notice.
