Restriction on Cryptocurrency Advertising Phenomena in Spain

The CNMV, which oversees Spain’s financial markets, restricts advertisements made by social media influencers to be about cryptocurrencies.

According to the Financial Times report influencers and their agencies and sponsors, starting next month an ad about cryptocurrencies If they do, the relevant authorities will be informed about the issue. inform will have to.

While making a promotion about cryptocurrencies, one of the phenomena also made people think that the crypto money market warnings about risks will wait.

Rodrigo Buenaventura, head of the CNMV, which oversees the securities market, said that advertisements that cannot be made on traditional channels due to legal regulations are prohibited. via influencers stating that it can be done and new restrictions “it will regulate not only traditional media, but also cryptocurrency ads made through influencers” declared that they were satisfied.

Influencers advertising cryptocurrencies, their officials before you advertise to those who do not comply with the relevant conditions. up to 300 thousand euros amount of fines may apply.

This move makes Spain the first EU country to take such a step regarding cryptocurrency ads. The signals for this were first received in a social media post by football player Andrés Iniesta.

Iniesta shared how he will enter the cryptocurrency market in his November 2020 Twitter post. “What you learned with Binance” CNMV said that cryptocurrencies “to their risks” He replied by pointing out.


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