Spanish regulators are pushing to control crypto ads, with new restrictions on influencers’ promotions
The Comisión Nacional del Mercado de Valores (CNMV), the government agency responsible for the financial regulation of the securities markets in Spain, issued a release on Monday defining the new rules.
Spain to begin regulating Bitcoin ads next month
After almost a year of analysis, the promotion of Bitcoin and other cryptocurrencies will be officially regulated in Spain next month.
The document covering the advertising standards could be released this week, with the laws expected to come into force within a month, according to a source from a local Spanish media outlet. La Informacion. In particular, the initiative discussed on December 22 and currently under evaluation has finally been implemented in several days, with the Spanish government concluding the assessments.
The regulations, which have been revised since the first public comment in April 2021, have a definite goal to regulate advertising. In any event, it is expected to clarify which the CNMV must approve ads and which are also subject to a set of pre-established conditions for advertising other types of financial products.
Massive cryptocurrency advertisements aimed at the general public will be subject to the most stringent regulatory scrutiny by the European Commission, among other things. The rest of the notifications will not be exempt from regulation as the CNMV will also monitor them.
The regulations require cryptocurrency advertising to be transparent, balanced, unbiased, and non-misleading, as well as “accurate, sufficient and updated, in a manner appropriate to its nature and complexity, as well as the characteristics of the media used.” Outside the European Commission on the other side of the world, Singapore is looking to limit its ability to advertise its services to the domestic public. As a result, the Monetary Authority of Singapore (MAS) has issued new regulations to discourage retail speculation in various assets considered volatile.
Notably, progress is being made in Spain on many fronts in terms of Bitcoin legislation. The crypto economy continues to thrive and spread into new areas despite tightening laws on crypto exchanges and custodial platforms.
The country recently signed an agreement to see other 100 BTC ATMs installed in several provinces of Spain, currently the European country with the most of these devices. This would make Spain overtake El Salvador, the first country to use Bitcoin as legal tender, in the number of crypto ATMs in operation.
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