2023-11-08 15:03:52
Updated Wednesday, November 8, 2023 – 14:03
This is the first one carried out by the Commission for non-compliance with the circular that regulates the advertising of crypto assets.
Headquarters of the National Securities Market Commission (CNMV). EMBankman-Fired. The king of crypto could be sentenced to 110 years in prison for a million-dollar fraud
The executive committee of the National Securities Market Commission (CNMV) agreed on October 31 to initiate sanctioning proceedings against Miolo Desarrollos for possible “serious” violations in two advertising campaigns on cryptoassets, the supervisor reported in a statement. This is the first opening of a sanctioning file opened by the CNMV for non-compliance with the circular that regulates the advertising of crypto assets.
Specifically, the organization chaired by Rodrigo Buenaventura has opened the file against Miolo Desarrollos for the possible commission, in relation to two massive advertising campaigns, carried out in September and November 2022, of two serious infractions classified in article 292.4 of the Securities Market Law, in relation to article 240 bis, for failure to comply with the administrative control measures for cryptocurrency advertising established in Rule 5 of Circular 1/2022 regarding advertising about cryptoassets presented as an investment object and for not incorporating information and warnings about the risks of cryptoassets.
Added to this are two serious infractions classified in article 292.4 of the Law, in relation to article 240 bis, both of the same legal text, for which non-compliance with administrative control measures for cryptocurrency advertising established in Rule 7 of the Circular for not presenting prior communication.
The organization publishes this statement under the provisions of article 336 of Law 6/2023, of March 17, on Securities Markets and Investment Services, and does not prejudge the final result of the sanctioned filer, “in which the accused has all the means that the legal system confers on him to defend his rights.”
Furthermore, the CNMV indicates that The publication of this agreement occurs once the interested party has been notified., in accordance with the provisions of the cited article. This is the first time that the CNMV has reported the opening of a file in this matter to remind us of the need to follow and respect the precepts contained in the aforementioned text.
“Although compliance with its content has been the general norm and the sector has responded satisfactorily to its approval, it is especially important to remember the need to inform investors about the risks associated with these products, as well as follow the control and supervision procedures for their advertising that the circular establishes,” indicates the CNMV.
CRYPTOCURRENCIES, A “VERY SPECULATIVE” PRODUCT
On the other hand, during his speech this Wednesday at the XXX Financial Meeting organized by ABC and Deloitte, Rodrigo Buenaventura highlighted that the entry into force of the MiCA regulations, which covers cryptoasset markets, has been an “important advance”although it has recognized that the levels of protection for investors “are very far” from the levels of protection offered to investors in traditional instruments.
In this sense, he has indicated that cryptocurrencies will continue to be products highly speculative and prone to financial, operational and security risks. “They are quite useless from the social point of view of financial markets,” he stated.
Likewise, he has highlighted that “a significant part” of fraud episodes that have been detected in recent years have a crypto component.
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