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As part of regulations set to take effect in mid-February, crypto asset investment promoters will be required to inform Spain’s securities regulator about the content of any advertisements targeting more than 100,000 people.
10-day advance notice rule
The Spanish government has tasked the country’s securities regulator with authorizing ads promoting cryptocurrencies, according to a report. Additionally, as part of the new measures, crypto asset investment promoters will be required to notify the National Commission (CNMV) of any promotions targeting more than 100,000 people ten days before such events begin.
according to a Report, the regulations will go into effect in mid-February and will enable the CNMV to monitor all types of crypto-related advertising. The regulation will also enable regulators to include warnings about the risks associated with investing in certain crypto assets.
Meanwhile, the report states that influencers with more than 100,000 followers are likewise required to inform regulators of any crypto-related investments they intend to promote. This special requirement further forces influencers to inform their followers of the risks associated with the investments they promote.
CNMV targets influencers
The report explains the government’s decision to start reining in influential individuals promoting crypto assets, citing CNMV’s public condemnation of Spanish footballer Andres Iniesta in November. One of Iniesta’s tweets appeared to be promoting the cryptocurrency trading platform Binance.
In scolding the footballer, CNMV said Iniesta needs to gather enough information about cryptocurrencies before making any investments or recommending cryptocurrencies to his 25 million followers on Twitter and 38 million on Instagram.
Meanwhile, the CNMV has decided to target influencers who get paid to promote investments in crypto assets Report American reality TV star Kim Kardashian and boxing legend Floyd Mayweather Jr. have been indicted for their role in promoting the Ethereummax and EMAX cryptocurrency tokens.
In the lawsuit, the plaintiffs allege that Kardashian and Mayweather helped create enough trading volume for Ethereummax token creators to dump EMAX tokens to unsuspecting investors.
What are your thoughts on Spain’s decision to regulate cryptocurrency advertising? Let us know what you think in the comments section below.
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