Spanish Crypto Firms will Have to Run their Campaigns Past Regulator
A leading Spanish financial markets regulator is set to begin policing crypto firms’ advertising campaigns – in direct response to a recent “aggressive” campaign that saw Madrid billboards plastered in crypto advertisements.
According to Finanzas, the nation’s National Securities Market Commission (known locally as the CMNV) has ordered the firms in the country who run “advertising campaigns connected to cryptocurrencies” aimed at “more than 100,000 people” to submit the details of their campaigns to the CNMV 15 days before their intended launch.
The CMNV has previously warned consumers about the “dangers” of what it called “high-risk” crypto investment, and in April this year warned advertisers that failing to obtain permission before advertising could lead to fines of up to USD 353,000.
But the new measures have gone a step further, stipulating that firms will have to submit drafts to the regulator, which will be given the power to halt campaigns or request changes to be made if ads do not meet its requirements.
The regulator added that its new rules included advertising campaigns to be broadcasted on radio and television, featured in print media or on internet websites. Campaigns on social media and carried out by influencers, bloggers and YouTubers must also follow the new rules.
The CMNV stipulated that “advertising has to be clear, balanced, impartial and not misleading” – and should carry disclaimer-type warnings, stating that cryptoassets “are not regulated, may not be suitable for retail investors and can see investors lose their entire stakes.”
The Madrid billboards were the brainchild of an exchange named Bit2M, which used slogans such as “The revolution has just begun. Welcome to bitcoin.”
Last month, however, the regulator signaled that it was happy, in principle, to let firms make Tesla-style investments in crypto – an indication that it is not totally opposed to everything crypto-related.
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