Spanish Regulator Sets New Rules For Cryptocurrency Advertising

Listings of digital assets in Spain will have to include a designated disclaimer from February 2022, according to a new statement from the Comisión Nacional del Mercado de Valores (CNMV).

• The document outlined the new rules on Monday, January 17, saying the watchdog wants to “ensure that product advertising offers content that is true, understandable and not misleading, and includes a prominent warning of associated risks.”
• He added that the cryptocurrency industry is currently unregulated, which could increase the associated risks. Thus, individuals and outlets advertising such services should include the following message with each posting:

• “Investments in crypto assets are unregulated. They may not be suitable for retail investors and the full amount invested may be lost.

• The message should also include an additional link or explanation, advising: “It is important to read and understand the risks of this investment, which are explained in detail at this link.”
• From now on, influencers with more than 100,000 followers must provide their advertising projects to the CNMV at least ten days before publication for approval.
• The report explains that these rules will apply to “crypto-asset service providers, advertising service providers and any other natural or legal person who carries out such activity on its own initiative or on behalf of third parties”.
• The circular will enter into force in one month – February 17, 2022.
• The Spanish regulator issued a warning against two popular crypto exchanges last summer – Huobi and Bybit. He accused the duo of operating without a license.