Spain to tighten rules on crypto advertising
This is the first country in the EU that will legally restrict the advertising of digital assets
18.01.2022 - 08:00
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What’s new? Spain's National Securities Market Commission (CNMV) has decided to tighten its requirements for advertising cryptocurrencies. It has published a regulation with the new rules, which may result in fines of up to 300 000 EUR for non-compliance. This is the first such decision in the EU, the Financial Times newspaper notes.
What is the essence of the new requirements? From February 2022, a disclaimer warning of cryptocurrency’s unregulated status, as well as the risk of losing investments, has to become a mandatory part of cryptocurrency advertising. In addition, ads should not contain misleading information.
The campaign organizers will be required to notify the CNMV at least 10 days in advance about the publication of the advertisement. The rewards for advertising the virtual assets, whether in the form of cash payments or by other means, will have to be reported.
Who will the rules apply to? The requirements will affect both cryptocurrency companies and influencers with more than 100 000 subscribers. The bloggers may be fined for non-compliance on a par with organizations.
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