The rapid adoption of cryptocurrencies in the country is raising the hackles of regulators with both CNMV and the Bank of Spain stepping up their warnings to investors of the associated risks.
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Spain’s market controller slapped controls on advertisement campaigns for crypto-resources by saying they should convey an admonition to investors that they hazard losing all their cash. Promotional activity for crypto-resources should likewise clarify they’re not regulated and may not be suitable for retail investors, the National Securities Market Commission, or CNMV, said in an assertion Monday. Suppliers of crypto services should illuminate the controller regarding of ad campaigns aimed on 100,000 individuals or more with somewhere around 10 days notice. The rules additionally apply to promotional activity by influencers.
CNMV took to Twitter to rebuke Spanish World Cup soccer star Andres Iniesta in November when he used the platform to say he was using the cryptocurrency exchange Binance.
Ads will have to be “clear, balanced, fair and non-misleading” and to provide a “prominent warning” about the risks associated with crypto, according to the regulator, known as CNMV.