Spanish regulators are pushing to control the way cryptocurrencies are marketed, 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.
Posts promoting crypto-assets must now include the following disclaimer: “Investments in crypto-assets are not regulated. They may not be appropriate for retail investors and the full amount invested may be lost.”
So-called influencers or outlets with more than 100,000 followers in the region will now have to notify the CNMV on the content of promotions related to crypto with at least 10 days notice.
Fines for non-compliance are capped at €300,000 and could be doled out to crypto companies, PR firms and individual influencers. The new rules will come into force in February.
While this is seemingly a first for the EU, several other nations have moved to control how crypto firms advertise their services in recent months. The UK’s Advertising Standards Authority is in the process of creating new guidelines for the industry, having said their regulation is a “red alert” priority.
On Monday, Singapore also moved to rein in ads, advising that service providers should only market their wares on their own websites, apps or social media, and in doing so should not trivialize the risks of investing in digital assets.
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