A First in the EU! Celebrities Advertising Cryptocurrency From Spain Restricted!

In the face of the increasing adoption rate of the crypto industry, the inspections of the countries towards cryptocurrencies continue to increase.

Finally, after the crypto advertising bans issued by MAS in Singapore, a restriction came from Spain.

Spanish regulators are trying to control the way cryptocurrencies are promoted and marketed by imposing new restrictions on advertising by celebrities or their sponsors, the Financial Times reported.

With the new regulations, Spain’s market regulator, the National Securities Market Commission (CNMV), will now have the authority to regulate cryptocurrency ads.

In this context, famous names or their sponsors will have to inform CNMV about the content of their advertisements at least 10 days before crypto money advertisements.

In addition, crypto advertisements by famous names will include a disclaimer and citizens will be warned about the risks of cryptocurrencies.

Famous names or sponsors advertising crypto can be fined up to €300,000 if they do not comply with the new rules, which will come into effect in February.

Going back to last November, famous football player Andrés Iniesta wrote on his twitter account, “I’m learning how to start crypto with Binance,” tagging the crypto exchange Binance.

The post of the star football player, which he promoted on Binance, received a warning from CNMV. At the bottom of the post, CNMV wrote that “cryptocurrencies are unregulated and have some risks.”

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