Thursday, June 20, 2024

Spain to implement new regulations for crypto ads

The Spanish financial regulator, the Comisión Nacional del Mercado de Valores (CNMV), has established new rules for advertising crypto-asset investments. Crypto advertisements must be “clear, balanced, and fair”, according to the new circular, which will apply on February 17, 2022. Crypto ads also have to provide relevant information on the dangers involved in investing in crypto.

Advertisers targeting 100,000 or more individuals must also notify the regulator 10 days ahead of time under the new guidelines. The CNMV will supervise the other ad operations after the initial report, but they will not require advanced reporting.

The CNMV also stated that the new advertising laws also apply to influencers. The restrictions apply to crypto service providers who run advertisements on their own or through third-party ad providers such as crypto influencers.

Apart from these requirements, the CNMV also mandates that crypto advertisements include a snippet advising viewers that crypto investments are unregulated and that the entire investment may be lost. Finally, the ads must include links to additional information.

While the regulator is focusing on marketing, the new restrictions do not apply to the issuing of assets or other crypto-related activities.

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