The rapid growth of cryptocurrencies and digital assets pegged to traditional currencies has drawn attention from regulators worldwide, who fear they could put the financial system at risk if not monitored.
The Spanish government said in its official
bulletin advertisers and companies that market crypto assets will have to
inform the CNMV watchdog at least 10 days in advance about the content of
campaigns targeting more than 100,000 people.
The new regulations will start from
mid-February and allow the CNMV to specifically monitor advertising for all
types of crypto assets and to include warnings about risks involved in such
investment.
The rules also apply to crypto-asset
service providers when advertising their activities and to any person
advertising on their own or on behalf of third parties.
These include influencers with more than
100,000 subscribers who are paid to advertise and promote crypto assets, the
CNMV said in a statement, adding that they will have to pre-notify the watchdog
of promotional posts and to warn of risks.
In November, the CNMV scolded soccer star
Andres Iniesta after he promoted the cryptocurrency exchange platform Binance
on his Twitter and Instagram accounts, telling him that he should be thoroughly
informed about cryptocurrencies before making any investment in them or
recommending others to do so.
Cryptocurrencies such as Bitcoin have
experienced high price volatility accompanied by a significant increase in
aggressive advertising to attract investors. -Reuters
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