Spain was on the cusp of becoming the world's next big cryptocurrency hub after the troubles faced in Afghanistan, but Spanish authorities are pushing to control the way cryptocurrencies are being traded in the country.
The main target of regulators at the moment are promotions made by digital influencers in the country and they seek to impose new restrictions. The Comisión Nacional del Mercado de Valores (CNMV), the state agency responsible for financial regulation of the securities markets in Spain, released a statement this Monday (17) defining the new rules.
In it, publications that promote cryptocurrencies must, from then on, include the following warning: investments in crypto-assets are not regulated. They may not be suitable for retail investors and the total amount invested may be lost..
The new rule applies to digital influencers and also to vehicles with more than 100 followers on social networks and, of course, applies only to those who are in Spanish territory, whether native or not. All those who do something related to the tokens now will have to notify the CNMV about the content at least 10 days in advance.
For those who break the rules, a fine of up to €300 is established, and can also be extended to cryptocurrency companies, public relations companies and individual influencers. The new rules will come into effect next February.
This, however, is not the first time that something similar has happened within the European Union, as, over the last few months, other nations have come to control how cryptocurrency companies advertise their services. The UK's Advertising Standards Authority, for example, is in the process of creating standards for the industry, saying its regulation is a "red alert" priority in the region.
The effect, however, is not restricted to Europe, since this Monday (17), in Singapore, a new policy for ads came into effect, with advice being now mandatory for cryptocurrencies to be marketed only on their own websites, applications. or social media and still be warned about the risks of investing in digital assets.
