New Spanish Regulations to Target Crypto Investment Ads – Regulation Bitcoin News

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As part of regulations that will take effect in mid-February, crypto-currency investment promoters will have to inform the Spanish securities banker of the content of any advertisement targeting more than 100,000 people.

10-Day Advance Rule

A report said the Spanish government had commissioned the country’s security guard to authorize claims that promote cryptocurrencies. Also, as part of the new measures, crypto-currency investment promoters will have to inform the National Securities Market Commission (CNMV) of any advertising campaign targeting more than 100,000 people about ten days before such a campaign begins.

According to a report, these regulations, which will take effect in mid-February, will enable the CNMV to monitor all types of crypto-related claims. The regulations will also allow the custodian to include warnings of risks associated with investing in certain crypto assets.

Meanwhile, the report stated that influencers with more than 100,000 members will similarly have to inform the watchdog about any crypto-related investments they intend to promote. This particular requirement further compels influencers to inform their members of the risks associated with the investments they are promoting.

CNMV Aims for Influencers

Explaining the government’s decision to start preventing influential individuals from promoting crypto assets, the report cites the CNMV’s public rebuke of Spanish footballer Andres Iniesta in November. The reprimand followed a tweet from Iniesta, who appeared to be promoting a crypto trading platform Binance.

Rebuking the footballer, the CNMV said Iniesta needs to gather enough information about cryptocurrencies before making any investment or recommending this to its 25 million followers on Twitter and 38 million on Instagram.

Meanwhile, the CNMV’s decision to target influencers who are paid to promote cryptocurrency investments follows reports that U.S. reality TV star Kim Kardashian and boxing legend Floyd Mayweather Jr. are being sued for their role in promoting Ethereummax and the EMAX cryptocurrency token.

In this lawsuit, the plaintiff accuses both Kardashian – who is reportedly routinely paid for advertising posters – and Mayweather to help create sufficient trading volumes by allowing Ethereummax token creators to discard EMAX tokens on unsuspecting investors.

What are your thoughts on Spain’s decision to regulate crypto advertising? Tell us what you think in the comments section below.

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Terence Zimwara

Terence Zimwara is a Zimbabwean award-winning journalist, author and writer. He has written extensively on the economic problems of some African countries and also how digital currencies can provide Africans with an escape route.














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