The Spanish government has introduced new rules on how social media influencers can advertise or promote cryptocurrencies.
Affected Influencers and Asset Service Providers
New cryptocurrency advertising regulations will come into effect from mid-February.
Those concerned are liable to fines of up to 300,000 euros in the event of violation of the rules.
Influencers with more than 100,000 subscribers who are paid to advertise on crypto-assets are in the CNMV's sights.
From February 17, everyone will have to notify in advance that they are promotional posts.
In addition, they will have to provide “unbiased” warnings about the risks of cryptocurrencies.
For example, the fact that the investments are not regulated should appear clearly on the post.
The rules also apply to companies that promote crypto-assets, as well as the PR firms they hire.
The CNMW on its guard for a long time
This is probably the first time that a European Union country has adopted such directives for this market.
Cryptos and social media advertising are two areas that European countries have not yet been able to regulate.
"It's new ground, for us and for them, and there will be moments of friction, but it always happens when you introduce rules for something that was previously unregulated," said Rodrigo Buenaventura, Chief of the CNMV, to the Financial Times.
In November, the CNMV was already pointing the finger at Spanish football star Andres Iniesta.
The athlete had promoted the Binance cryptocurrency exchange platform on his Twitter and Instagram accounts.
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