Spain tightens rules for advertising cryptocurrencies in social networks

by time news

The Spanish government will tighten regulation of cryptocurrencies with restrictions on advertising investments in digital assets. This is stated in a circular published on January 17 in the government newspaper Boletín Oficial del Estado.

The restrictions apply to advertising campaigns with an estimated audience of more than 100,000 people. Their organizers will have to notify the industry regulator, the National Commission for the Securities Market (CNMV), at least 10 days in advance of the publication of the advertisement. Advertising messages will also have to be accompanied by disclaimers about the potential risks of investing in crypto assets.

The new rules will come into effect in mid-February and will apply to individuals and companies that advertise investments in cryptocurrencies on their own initiative or on behalf of third parties. Thus, they will affect not only TV channels and radio companies, but also bloggers who publish advertisements for such assets on social networks.

Rewards for advertising cryptocurrencies, both in the form of cash payments and in other ways, will need to be reported. For non-compliance with the requirements, a fine of up to 300,000 euros is provided.

“If the law did not cover influencers, then there would be a loophole that allows you to get out of regulation,” Rodrigo Buenaventura, head of CNMV, told the Financial Times in an interview. He added that a “grinding-in” between the regulator and the Internet community is inevitable, since regulation in this area has become a new experience for both the first and the second.

According to the FT, the legislation proposed at the EU level has not yet been agreed upon, and countries are making their own decisions at the national level. So, in France last year, a special service under the control of the Ministry of Finance received the authority to check cryptocurrency advertising on the Internet.

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