If the Spanish banks seem favorable to the integration of cryptos in their ecosystem, the local government displays less lenient provisions. The proof: he has just unveiled measures limiting advertising campaigns targeting more than 100,000 people.
A Sword of Damocles?
The National Securities Market Commission or CNMV (National Securities Regulatory Commission) has just published measures aimed at regulating the Spanish market. These are specifically aimed at advertisements relating to cryptocurrencies.
Advertisers are the first to be affected by these new regulations requiring the filing of a specific file before carrying out a mass advertising campaign targeting at least 100,000 people. New obligations must be taken into account, namely:
– the mention of the risks associated with investing in digital financial assets in a “ clear, balanced, impartial and non-misleading content » ;
– highlighting, in the form of a warning, the lack of regulation of the sector;
– contacting the CNMV office 10 days before the launch of the campaign;
– etc
Those who are classifiedinfluencers(or influencers), and particularly those who receive any form of income from their posts, will therefore have an interest in strictly respecting these regulations which will come into force on February 17.
However, analysts and independent commentators who do not benefit from any sponsored tools or promotion will be spared.
Supporting this initiative, the representatives of this commission affirmed last Monday that:
“Cryptocurrencies are increasingly present in the financial system, and while their development in the Spanish market presents significant opportunities, it also poses challenges in the area of investor protection, since there is currently no comprehensive regulation to adequately address the risks associated with these assets.»
So, in the absence of adequate regulation, did it find it useful to tug at Spanish players in the cryptosphere? Including those behind promotions related to cryptocurrency trading, investment advisors, buyers of specific cryptos, as well as portfolio management specialists?
Spain ahead of the European Union
This initiative by the Spanish authorities marks a desire to take a step forward on this thorny subject of the regulations of cryptographic assets. As the 27 are slow to start the process, the country of bullfighting considers such anticipation appropriate.
Wanting to reassure the public, Rodrigo Bueanventura explained in the columns ofFinancialTimes:
“If influencers were not covered, there would be a back door to avoid regulation. This is new ground, for us and for them, and there will always be moments of friction, but that’s always what happens when you introduce rules for something that was not regulated previously. »
There you go, the dice are now cast. Hasty or carefully considered, this decision is a double-edged sword. On the one hand, it demonstrates a desire to clean up the system with a view to protecting players in the cryptosphere. On the other hand, it could represent a major risk in the eyes of those concerned. And with a fine set at 340,000 dollars, fears are at the rendezvous.
Sources: CoinMarketCap
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Mikaia Andriamahazoarimanana
The blockchain and crypto revolution is underway! And the day when the impacts will be felt on the most vulnerable economy of this World, against all hope, I will say that I had something to do with it
