Spain’s financial regulator to tighten rules on street advertising of cryptocurrencies

The Spanish National Securities Market Commission (CNMV) described street advertising of cryptocurrencies as ‘risky’ and proposed tightening the rules governing its placement. This was stated by the organisation’s president, Rodrigo Buenaventura.

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According to him, the regulator will hold a series of consultations with CNMV specialists as well as external experts. After that, the commission will present the final document on regulating street advertising of digital assets.

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\”CNMV does not intend to tighten control over cryptocurrencies, service providers or transactions. The rules will affect only advertising,\” emphasised Buenaventura.

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The trigger was the advertising campaign of the local cryptocurrency exchange Bit2Me. In February and March 2021 the platform placed posters on Madrid’s and Barcelona’s main streets with the slogan: ‘The revolution has only begun. Welcome to Bitcoin’.

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Earlier, Spanish authorities announced mandatory registration for Bitcoin companies in accordance with the EU’s Fifth Anti-Money Laundering Directive (AMLD5).

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In October 2020, the government began drafting a bill obliging investors to disclose their assets in cryptocurrencies.