Spain brings strict crypto marketing regulations in EU

The Spanish financial regulator, the Comisión Nacional del Mercado de Valores (CNMV), has established new rules for marketing crypto-asset investments. Crypto advertisements must be “clear, balanced, and fair,” according to the new circular, which will take effect on February 17, 2022, while also providing necessary details on the risks associated with an investment in crypto.

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

New Marketing laws cover influencers and sponsors

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

Aside from these requirements, the CNMV also mandates that crypto advertisements include a disclaimer 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.

The Advertising Standards Authority, or ASA, in the United Kingdom is also trying to crack down on crypto marketing. Ads from crypto firms Coinbase, Kraken, eToro, and others were taken down by the advertising authorities last year due to ad violations. Crypto.com’s two mobile app adverts were recently prohibited by the ASA.

In the meantime, as TheCoinRise reported, Singapore’s Monetary Authority has imposed crypto ad limits. Providers of digital payment tokens, or DPTs, are prohibited from advertising their products in public places like public transportation, public websites, social media, broadcast, and print media, according to the standards. In November 2021, Finland regulators also tightened local digital currency marketing.