Spanish authorities create rules for advertising on cryptocurrencies

Wednesday 19 January 2022 13:30 CET | News

The National Securities Market Commission (CNMV) in Spain has created a new set of rules for all content creators who want to promote cryptocurrencies.

In Spain creators with more than 100,000 followers need to notify the authorities if they intend to promote a product linked to crypto. This should take place at least 10 days before they carry out their promotion. Those who do not follow this rule risk paying a fine of up to EUR 300,000.

Creators also need to inform their audience whenever they are being compensated monetarily or otherwise for the advertising. This includes integrating alerts in a clear way to make users aware that the content is advertising and that the creators are receiving payments for it. They are also required to warn the audience that the cryptocurrency market is not regulated.

Sources at CNMV state that they expect the new rules to cause friction between creators and the authorities. On the other hand, they believe that this is a new field that needs to be regulated to ensure the safety of end consumers.
It should be noted that this is the first time a country in the European Union has stipulated rules on how cryptocurrency-related content can be disseminated on social platforms, and it will certainly be a plan that may apply in other countries soon, explains.

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Keywords: regulation, cryptocurrency, online security, online platform
Categories: DeFi & Crypto & Web3
Countries: Brazil
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DeFi & Crypto & Web3

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