The Spanish financial regulator Comisión Nacional del Mercado de Valores, or CNMV, announced new regulations for advertising investments in crypto assets. According to the new circular, which will come into force on February 17, 2022, cryptocurrency announcements must be “clear, balanced and fair”, in addition to providing sufficient information about the risks involved in investing in cryptocurrencies.
The new rules also require advertisers targeting 100,000 people or more to give the regulator 10 days notice. After the initial report, the rest of the advertising activities will be supervised by the CNMV, but will not require prior notice.
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The CNMV also made it clear that influencers are covered by the new advertising regulations. The regulation applies to cryptocurrency service providers that serve ads themselves or through third-party advertising providers, such as influencers promoting cryptocurrency projects.
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