Spain’s financial watchdog, the CNMV, has taken decisive step in enforcing its crypto asset advertising regulations, initiating disciplinary proceedings against the technology provider Miolos S.L. This action marks a significant development in the regulatory oversight of crypto asset promotions in the country.
Spain Tightens Grip on Crypto Advertising
The CNMV’s move comes as part of its broader campaign to ensure compliance with the rules set in early 2022. These regulations demand that any mass campaign promoting cryptoassets to over 100,000 people receive prior authorization. Moreover, such promotions must transparently present the risks associated with crypto investments.
Miolos S.L. is under scrutiny for allegedly failing to adhere to these requirements in two of its recent advertising campaigns. Consequently, the CNMV has launched an inquiry to ascertain whether the firm neglected to provide adequate risk information and bypassed the necessary pre-notification process. Since introducing the new regulatory framework, this case is the first of its kind.
CNMV Eyes Social Media in Ad Crackdown
Additionally, the CNMV is scrutinizing various advertisements on social media platform X for potential breaches of the same regulations. The platform, recently privatized by entrepreneur Elon Musk, is being observed for its role in disseminating promotions by unauthorized entities. This highlights the regulator’s intent to extend its vigilance to online platforms, which are now required to verify the authorization status of advertisers.
Rodrigo Buenaventura, the head of the CNMV, emphasized the importance of adhering to the new rules at a financial event. He regards the ongoing proceedings as a reminder to all market participants of their obligations under the regulatory framework. The CNMV’s proactive stance also reflects a growing global concern among regulators regarding the stability and integrity of the financial system amid the burgeoning growth of digital assets.
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