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Spain introduces restrictions on the promotion of cryptocurrencies

Spain introduces restrictions on the promotion of cryptocurrencies

According to the Financial Times (FT), Spain for the first time imposes restrictions on the promotion of cryptocurrencies for opinion leaders (influencers). The National Commission for the Securities Market (CNMV) has received the right to regulate cryptocurrency advertising.

Thus, influencers and their sponsors will have to notify the authorities in advance about publications promoting cryptocurrency. Sponsored ads also must include the following disclaimer: “Investments in cryptoassets are not regulated. They may not be suitable for retail investors. The entire invested amount may be irretrievably lost.” Failure to comply with this requirement will result in fines.

One of the impetus for the new requirements was the promotion of the Binance cryptocurrency exchange by World Cup winner Andres Iniesta last November.