Friday, 19 July 2024

Crypto News

Spanish regulator signals potential X probe on crypto ads

Spanish regulator signals potential X probe on crypto ads

The National Stock Market Commission (CNMV), Spain’s principal financial regulator, called out the fraudulent crypto assets promos on X (formerly Twitter) and reiterated the obligation of companies to comply with local laws. 

On Nov. 8, in a speech at the Deloitte annual conference for the Spanish financial sector in Madrid, the CNMV head, Rodrigo Valbuena, revealed that the ads in question “make illegal use of the image of some Spanish actors and the design and identity of a national media to try to obtain data and money from investors.”

Valbuena reminded the audience that Spanish legislation holds “internet companies, media and social networks” responsible for taking measures against investment promotions by unlicensed entities and suggests sanctioning the non-compliance. He also promised that his agency would take this case seriously:

“I can assure you that we will scrupulously exercise all our capacities, supervisory powers and our supervisory and sanctioning powers in these cases.”

The regulator also warned that the CNMV is “preparing for the new tasks” and will soon be strengthening its human resources, increasing its staff by 15%. 

Related: Survey: 65% of Spaniards aren’t interested in using digital euro

Last week, the CNMV opened its first case against a technology provider for violating crypto promotion rules in the country. It has initiated “sanctioning proceedings” against Miolos for two “massive” advertisement companies in September and November 2022. The company failed to include risk warnings or submit its campaigns for the CNMV’s authorization.

Spain has said it intends to implement the first comprehensive European Union crypto framework — the Markets in Crypto-Assets Regulation (MiCA) — even earlier than the July 2026 deadline for EU member states to provide legal certainty and investor protection.

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