Spain Implements New Regulations On Crypto Influencers and Advertising
With new Spanish crypto regulations becoming effective mid-February in the country, crypto-asset investment advertisers are subject to the requirement of giving the Spanish securities oversight authority the contents of any ad that reaches more than 100,000 people.
A 10-day advance notice rule has been implemented where the Comisión Nacional del Mercado de Valores (CNMV) needs to be informed of any promotional campaign targetting more than 100,000 people ten days in advance.
As reported by Reuters, the tight regulations coming into play in February allow the Spanish CNMV to closely monitor all types of crypto-related advertisements and make the public aware of risks associated with investing in certain crypto assets. Education will now have to be included by the crypto influencers and other promoters.
Reuters cites the example of former FC Barcelona star playmaker, Andres Iniesta, who in November of 2021 was promoting cryptocurrency exchange Binance, reaching 25 million people on Twitter and more than 38 million on Instagram, without including the potential risks associated with crypto assets. The new regulations will therefore add in an extra layer of protection for (new) investors.
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Source: igaming
