Spain tightens rules on cryptocurrency advertising

The Spanish National Securities Market Commission (CNMV) published new requirements for advertising related to digital assets.

According to the document, the disclosure disclaimer warning about the unregulated status of cryptocurrency and the risk of loss of funds became a mandatory part of the advertisement. Messages must also exclude misleading information.

Similar requirements were imposed on influencers with more than 100,000 followers. They must report to the CNMV on par with crypto companies.

Non-compliance carries penalties. The new rules will take effect in February 2022.

Back in April 2021, CNMV described outdoor cryptocurrency advertising as ‘risky’ and proposed tightening the rules for its placement. Later it became known that the regulator and the Bank of Spain would obtain the authority to regulate the market for digital assets in the country.

In November, footballer Andrés Iniesta posted on social media photos of himself beside a laptop bearing the logo of the Binance cryptocurrency exchange. CNMV responded to the post on Twitter, warning the athlete about the risks of investing in cryptocurrencies.

Back in the summer of 2021, the UK’s Advertising Standards Authority began considering a variant to include a disclaimer in cryptocurrency advertising.

Similar measures have been proposed to be developed in India — the Delhi High Court held that the local financial regulator should prepare the corresponding guidelines.

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