Fun

New Spanish Regulations to Target Crypto Investment Ads

News Feed - 2022-01-18 11:01:06

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. Tags in this story Andres Iniesta, Binance, Comisión Nacional del Mercado de Valores (CNMV), crypto assets, cryptocurrency investments, EthereumMax, Floyd Mayweather Jr., Kim Kardashian


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


Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route. Australian Regulator Warns Against Investing Retirement Funds in "High Risk" Crypto-Assets REGULATION | 10 hours ago Pakistani Bank Asks Customers to Avoid Conducting Crypto Transactions REGULATION | 18 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleFrench Connection Finance: FCF Pay Partners With 500+ E-Commerce and in-Store Merchants Next articleCurtis Sword Becomes the First Blockchain-Based Large-Scale 3D ARPG Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItNear Foundation Raises $150 Million to Bolster Web3 Adoption


On Thursday, the Near Foundation announced the project has raised $150 million from strategic investors such as Three-Arrows Capital, a16z, Mechanism Capital, Dragonfly Capital, and Circle Ventures. Following the announcement, the Near protocol’s native crypto asset jumped more than 7% ... read more.Swiss National Bank Trials CBDC in Transactions With Five Banks Kingdom of Tonga May Adopt Bitcoin as Legal Tender, Says Former Member of Parliament FTX Launches $2 Billion Venture Capital Fund Focused on Bolstering Blockchain, Web3 Adoption British Lawmakers Say a CBDC Is Likely to Hurt Financial Stability — Digital Pound Benefits Overstated

News Feed

Genesis Mining Is Converting Excess Bitcoin Datacenter Heat Into Greenhouse Power in Sweden
Genesis Mining Is Converting Excess Bitcoin Datacenter Heat Into Greenhouse Power in Sweden One of the largest bitcoin mining operations in the world, Genesis Mi
NYCB and Group of Banks Join to Launch USDF Stablecoin
NYCB and Group of Banks Join to Launch USDF Stablecoin A group of U.S.-based banks is launching their own stablecoin, USDF. The stablecoin will be issued by the USDF Consortium, wh
Major Malaysian Bank Kenanga Acquires 19% Stake in a Crypto Exchange
Major Malaysian Bank Kenanga Acquires 19% Stake in a Crypto Exchange One of Malaysia’s top investment banks has bought a 19% stake in a local crypto exchan
Hong Kong flags 7 unregulated crypto exchanges for noncompliance
Arijit Sarkar13 hours agoHong Kong flags 7 unregulated crypto exchanges for noncomplianceThe Hong Kong Securities and Futures Commission added seven crypto trading platforms to its alert list for operating without licens
Invesco Strategist Warns the Fed Is ‘Playing a Dangerous Game’ That Could Lead to ‘Significant Recession’
Invesco Strategist Warns the Fed Is "Playing a Dangerous Game" That Could Lead to "Significant Recession" The chief global market strategist at Invesco, a global investment firm wi
NFT Weekly Sales Volume Improves Jumping 17% Higher Than the Week Prior
NFT Weekly Sales Volume Improves Jumping 17% Higher Than the Week Prior After cryptocurrency assets jumped in value this week, following the Federal Reserve’s rate hike on W
Best Altcoins to Buy Now as Elon Musk Plans to Reshape Crypto Through a DEX on Twitter (X)
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Cardano’s Voltaire era nears with June hard fork milestone
Helen Partz10 hours agoCardano’s Voltaire era nears with June hard fork milestoneChang will be the first hard fork in the final era of Cardano’s roadmap, introducing community-run governance and on-chain community co
SWIFT proposes a role for itself in a tokenized future on a unified ledger
Derek Andersen5 hours agoSWIFT proposes a role for itself in a tokenized future on a unified ledgerPut the technology you already have to new use, SWIFT advised the world. It had itself in mind.1294 Total views3 Total sh
US Senator Focused on Crypto Money Laundering Crackdown — Urges Congress, Regulators to Take Action
US Senator Focused on Crypto Money Laundering Crackdown — Urges Congress, Regulators to Take Action U.S. Senator Elizabeth Warren has called on Congress to ensure regulators, suc
Paypal’s Stock Soars to All Time High as Demand for BTC on the Platform Now More Than Supply of New Coins
Paypal"s Stock Soars to All Time High as Demand for BTC on the Platform Now More Than Supply of New Coins E-commerce giant Paypal’s stock price surged to a
‘Dr. Doom’ Nouriel Roubini Warns of Looming Banking Crisis and Trilemma for Central Banks
"Dr. Doom" Nouriel Roubini Warns of Looming Banking Crisis and Trilemma for Central Banks Economist Nouriel Roubini has shared his opinion about bank problems in the United States