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- Firms will be required to notify the CNMV watchdog at least ten days in advance.
- The laws also apply to crypto-asset service providers.
Spain took steps on Monday to restrict the excessive promotion of crypto assets, notably by social media influencers, tasked the stock market supervisor with licensing mass campaigns and ensuring that investors are informed of the dangers associated with crypto assets.
Authorities throughout the globe are closely monitoring the fast expansion of cryptocurrencies and digital assets tied to conventional currencies, fearing that they might put the financial system in danger if they are not closely managed themselves.
According to the Spanish government’s official bulletin, marketers and firms that offer cryptocurrency assets will be required to notify the CNMV watchdog at least ten days in advance about the substance of campaigns that target more than 100,000 individuals.
With the implementation of the new legislation, which will take effect in mid-February, the CNMV will be able to regulate advertising for all sorts of crypto assets precisely and include warnings about the dangers associated with such investments.
Influencers With More Than 100,000 Followers
The laws also apply to crypto-asset service providers when they advertise their operations, as well as to anybody who advertises on their behalf or behalf of third parties in the crypto-asset industry.
Influencers with more than 100,000 followers who are paid to market and promote crypto-assets fall into this category, according to the CNMV, which also said that they would be required to alert the watchdog ahead of time of promotional postings to warn of potential hazards.
Notably, the government has struck a deal to install another 100 Bitcoin ATMs in numerous Spanish regions, making it the European country with the most of these machines at the moment.
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