Skip to main content

New Spanish Regulations to Target Crypto Investment Ads

As part of regulations that are set to become effective in mid-February, crypto-asset investment promoters will be required to inform the Spanish securities watchdog of the contents of any ad that targets over 100,000 people.

10-Day Advance Notice Rule

The Spanish government has tasked the country’s securities watchdog with authorizing advertisements that promote cryptocurrencies, a report has said. Also, as part of the new measures, crypto-asset investment promoters will be required to notify the Comisión Nacional del Mercado de Valores (CNMV) of any promotional campaign that targets more than 100,000 people some ten days before such a campaign commences.

According to a report, these regulations, which are set to become effective in mid-February, will enable the CNMV to monitor all types of crypto-related advertisements. The regulations will also enable the watchdog to include warnings of risks associated with investing in certain crypto assets.

Meanwhile, the report stated that influencers with more than 100,000 followers will similarly be required to inform the watchdog of any crypto-related investments they intend to promote. This particular requirement further compels influencers to inform their followers of the risks that are associated with the investments they promote.

CNMV Targets Influencers

Explaining the government’s decision to start reining in influential individuals that promote crypto assets, the report cites the CNMV’s public rebuke of Spanish footballer Andres Iniesta back in November. The rebuke followed a tweet from Iniesta that appeared to promote cryptocurrency trading platform Binance.

In scolding the footballer, the CNMV said Iniesta needed to gather enough information about cryptocurrencies before making any investment or recommending this to his 25 million followers on Twitter and 38 million on Instagram.

In the meantime, the CNMV’s decision to target influencers that are being paid to promote crypto-asset investments follows reports that U.S. reality television star, Kim Kardashian, and boxing legend Floyd Mayweather Jr., are being sued for their role in promoting Ethereummax and the EMAX cryptocurrency token.

In this lawsuit, the plaintiff accuses both Kardashian — who reportedly routinely gets paid for promotional posts — and Mayweather of helping to create sufficient trading volumes allowing Ethereummax token creators to dump EMAX tokens on unsuspecting investors.

What are your thoughts on Spain’s decision to regulate crypto ads? Tell us what you think in the comments section below.



from Bitcoin News https://ift.tt/3FFmMFp
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more