New Spanish rules on focusing on crypto funding advertisements

Advertisements

As part of the regulations, which are due to come into force in mid-February, promoters of crypto-asset investments will have to inform the Spanish securities regulator of the content of any ad, which will target over 100,000 people.

10-day advance notice rule

The Spanish government has tasked the country’s securities regulator with approving advertisements promoting cryptocurrencies, a report said. As part of the new measures, crypto asset promoters must notify the Comisión Nacional del Mercado de Valores (CNMV) about ten days before the start of such a campaign of any advertising campaign targeting more than 100,000 people.

According to a report, these regulations, set to take effect in mid-February, will allow the CNMV to monitor all types of crypto-related advertising. The regulations will also allow the watchdog to include warnings about risks associated with investing in certain crypto assets.

Meanwhile, the report states that influencers with more than 100,000 followers will be similarly required to notify the watchdog of any crypto-related investments they intend to promote. This particular requirement also forces influencers to inform their followers about the risks associated with the investments they promote.

CNMV targets influencers

The report details the government’s decision to restrict influential people who promote crypto assets and cites the CNMV’s public rebuke of Spanish footballer Andres Iniesta in November. The rebuke followed a tweet by Iniesta that appeared to promote cryptocurrency trading platform Binance.

Scolding the footballer, the CNMV said Iniesta needed to gather enough information about cryptocurrencies before making an investment or recommending it to his 25 million followers on Twitter and 38 million on Instagram.

Meanwhile, the CNMV’s decision to target influencers paid to promote investments in crypto assets follows reports that US reality TV star Kim Kardashian and boxing legend Floyd Mayweather Jr. are due EMAX cryptocurrency tokens are being sued for their role in promoting Ethereummax.

In this lawsuit, the plaintiff accuses both Kardashian — who is reportedly routinely paid for promotional posts — and Mayweather of helping create sufficient trading volumes to allow Ethereummax token creators to trade EMAX tokens to unsuspecting investors.

What are your thoughts on Spain’s decision to regulate crypto advertising? Tell us what you think in the comments below.

Terence Zimwara

Terence Zimwara is an award-winning Zimbabwean journalist, author and writer. He has written extensively on the economic woes of some African countries and how digital currencies can provide an escape route for Africans.



Photo credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer, or a solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

More Popular News

In case you missed it

Near Foundation raises $150 million to support Web3 adoption

On Thursday, the Near Foundation announced that the project has raised $150 million from strategic investors including Three-Arrows Capital, a16z, Mechanism Capital, Dragonfly Capital and Circle Ventures. Following the announcement, Near Protocol’s native crypto asset surged more than 7%…read more.


Share post on

Sonic BTC is reader-supported. When you buy through links on our site, we may earn an affiliate commission.

Goldman Sachs Executes Financial institution’s First OTC Crypto Transaction Buying and selling a Bitcoin Non-Deliverable Choice Bitcoin

Goldman Sachs Executes Financial institution’s First OTC Crypto Transaction Buying and selling a Bitcoin Non-Deliverable Choice

On Monday, the multinational investment bank and financial services company Goldman Sachs disclosed it...

By wpadminsonic164
•
Andreessen Horowitz Launches A16z Crypto Analysis Lab Bitcoin

Andreessen Horowitz Launches A16z Crypto Analysis Lab

A16z, also known as Andreessen Horowitz, the venture capital (VC) company that has invested...

By wpadminsonic164
•
Bitcoin Value Nears $41,000 as US Inflation Jumps to eight.5% Bitcoin

Bitcoin Value Nears $41,000 as US Inflation Jumps to eight.5%

US inflation hits new 40-year record at 8.5%.Bitcoin traded green above $40,500 as the...

By wpadminsonic164
•
Lending platform Ledn launches bitcoin-backed mortgage product, bringing in $ 70 million Bitcoin

Lending platform Ledn launches bitcoin-backed mortgage product, bringing in $ 70 million

Ledn, the global platform for digital wealth savings and lending, announced the upcoming launch...

By wpadminsonic164
•
Central Financial institution Of Argentina Bans Banks From Providing Bitcoin, Crypto Providers Bitcoin

Central Financial institution Of Argentina Bans Banks From Providing Bitcoin, Crypto Providers

The central bank of Argentina has banned financial institutions from offering any services involving...

By wpadminsonic164
•
International Chip Scarcity Looms Over Bitcoin Mining Business, ASIC Provide Tightens Bitcoin

International Chip Scarcity Looms Over Bitcoin Mining Business, ASIC Provide Tightens

While Bitcoin's hashrate has been coasting along above 175 exahash per second (EH/s) and...

By wpadminsonic164
•
Bitcoin Enchancment Proposal 21 Eases Person Expertise When Paying Invoices Bitcoin

Bitcoin Enchancment Proposal 21 Eases Person Expertise When Paying Invoices

The below is a direct excerpt of Marty's Bent Issue #1181: "BIP21 is a...

By wpadminsonic164
•
There’s an Insatiable Urge to Burn Crypto — A Have a look at Why Tasks Burn Tokens and the Advantages Bitcoin

There’s an Insatiable Urge to Burn Crypto — A Have a look at Why Tasks Burn Tokens and the Advantages

In recent times, cryptocurrencies that burn tokens have been very popular and a number...

By wpadminsonic164
•

Latest Posts

Torrential slide Vs. Polkadot (2022 Edition) – Securities.io Polkadot

Torrential slide Vs. Polkadot (2022 Edition) – Securities.io

The evolution of the crypto market can be seen in today's top-performing networks. Understanding...

By wpadminsonic164
•
Short-term Availability of Funds to Transform the BTM Industry – GlobeNewswire Stellar

Short-term Availability of Funds to Transform the BTM Industry – GlobeNewswire

MIAMI, May 25, 2022 (GLOBE NEWSWIRE) -- BankLine announced a Master Licensing Agreement with...

By wpadminsonic164
•
Goldman Sachs Executes Financial institution’s First OTC Crypto Transaction Buying and selling a Bitcoin Non-Deliverable Choice Bitcoin

Goldman Sachs Executes Financial institution’s First OTC Crypto Transaction Buying and selling a Bitcoin Non-Deliverable Choice

On Monday, the multinational investment bank and financial services company Goldman Sachs disclosed it...

By wpadminsonic164
•
Apex powers Firstrade’s new crypto buying and selling providing – FinanceFeeds – FinanceFeeds Stellar

Apex powers Firstrade’s new crypto buying and selling providing – FinanceFeeds – FinanceFeeds

The digital asset offering is provided by Apex Crypto LLC, which takes care of...

By wpadminsonic164
•
Cardano

Crypto Value Evaluation Jan-28: Ethereum, Ripple, Cardano, Solana, and Luna – CryptoPotato

This week, we take a closer look at Ethereum, Ripple, Cardano, Solana, and Luna,...

By wpadminsonic164
•
Binance has Nigerian Idol road release on Nigerian college grounds – Nairametrics Binance

Binance has Nigerian Idol road release on Nigerian college grounds – Nairametrics

Binance, the world's leading blockchain ecosystem and cryptocurrency infrastructure provider, has activated the street...

By wpadminsonic164
•
Andreessen Horowitz Launches A16z Crypto Analysis Lab Bitcoin

Andreessen Horowitz Launches A16z Crypto Analysis Lab

A16z, also known as Andreessen Horowitz, the venture capital (VC) company that has invested...

By wpadminsonic164
•
Cryptocurrency Worth Prediction: Cardano, Terra & Bitcoin – American Wrap December twentieth – FXStreet Cardano

Cryptocurrency Worth Prediction: Cardano, Terra & Bitcoin – American Wrap December twentieth – FXStreet

Bitcoin price is moving sideways and is trapped between the crucial weekly moving averages....

By wpadminsonic164
•