Spain Is Regulating How Influencers Can Promote Cryptocurrency
Spain has new rules on how social media influencers can promote or promote cryptocurrencies.
Reuters reported that Spain plans to regulate rampant crypto advertising by February 2022. Cryptocurrencies and digital assets have experienced a growth spurt around the world and have been seen as a risk to the financial system if left unmonitored. Starting next month, Spain’s National Securities Market Commission (CNMV) will require companies and individuals to give them at least 10 days’ notice before posting an ad for crypto assets. The rule applies to those with more than 100,000 subscribers who are paid to promote cryptocurrency-related news.
In addition to sharing the content of their upcoming campaigns with the CNMV, crypto advisors must include a disclaimer warning of the risks of their sale. The new regulation helps CNMV better regulate the marketing ecosystem around crypto assets. Late last year, soccer star Andrés Iniesta sent a tweet saying, “I’m learning how to get started with crypto with @binance,” apparently promoting Binance. Back then, the CNMV took matters into its own hands, responding with a warning stating, “Cryptoassets, which are unregulated products, pose some significant risks.”
Cryptocurrency and social media advertising are both areas where countries have not yet been able to fully regulate due to their lack of clarity. Regardless of whether Spain’s new regulation will help better monitor the promotion of the country’s crypto assets, it is evident that government regulation of cryptocurrency will only become apparent as it becomes more popular.
In other tech news, the new Apple iPad Pro is rumored to come with MagSafe charging.