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Learn about the new regulation on cryptocurrency advertising in Spain
The great popularity that cryptocurrencies have had is no secret to anyone, not only in Spain, but throughout the world. Due to this, the amount of advertising related to cryptocurrencies is gigantic.
Spain has taken a step forward in regulating advertising related to cryptocurrencies and has prepared a set of rules that will regulate everything related to them. These rules mainly affect influencers who have more than 100,000 followers.
Why this regulation?
According to those in charge, the massive publicity that Spanish influencers make about cryptocurrencies causes people without knowledge to end up investing and losing money.
It is true that many influencers receive benefits for promoting different projects related to cryptocurrencies.
Many of them turn out to be scams, the followers lose money and the influencer washes his hands. Unfortunately, this has been becoming common, and the Spanish government has its eyes on this issue.
That is why it has been decided to create these regulations, to prevent influencers from promoting anything about cryptocurrencies.
What does this regulation contemplate?
This new regulation that will be implemented includes a procedure that every influencer with more than 100,000 followers must comply with. In the event that you do not comply with the rule, you could receive a financial penalty of up to 300,000 euros.
Any advertising campaign related to cryptocurrencies must have the authorization of the National Securities Market Commission (CNMV).
It does not matter if it is an influencer, an advertising agency or any other mass media. These must notify the CNMV of the campaign 10 days before it is launched. Of course, this body will be the one who decides whether the campaign is viable or not.
Excluded from these regulations are any token or cryptoactive that can be considered as a financial instrument.
This is all the information that is known so far in relation to this topic. It is expected that in the coming days or weeks more details about it will be known prior to its entry into force.
When will this new regulation come into force?
As reported, this regulation will come into force as of February 17 of this year. From that moment on, all influencers, advertising agencies or distributors must abide by it.
